Tax

Authoritative and technically accurate information and guidance on all areas of tax

A tax boost for low and middle income earners

  Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO. The Low and Middle Income Tax Offset (LMITO), like all tax offsets, reduces

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GST and the sale of vacant land

  A frequent query from tax practitioners who contact Tax & Super Australia’s member-only helpline service is whether a sale of a vacant block of land would be subject to GST. In this worked example, we walk through a scenario where a taxpayer disposes of a vacant block of land on which residential property was

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Gig economy danger: Hiring a “contractor” who is really an employee

  If your business client is looking to put on more staff, then by all means congratulate them. But they may also benefit from a follow-up warning. In these days of the “gig economy”, the engagement status of workers has become an even more important distinction – whether they are employees or independent contractors –

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Have your clients had a change in creditable purpose?

  Sometimes your clients may use a property they purchase in a way that is different to what they originally planned. Remind them that if they claimed GST credits for property purchases they now use to make input-taxed supplies, they need to report adjustments for this change in creditable purpose in their activity statement. For

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