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

An ATO “living expenses” tool to tackle the black economy

  It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, the revenue agency has settled upon different sets

[ Read More ]

FBT year ends with some hot issues targeted by the ATO

  If your client is an employer, they will appreciate being advised what the ATO is looking out for, and the fringe benefits they’re expected to report, so they can avoid attracting its attention or making costly mistakes. In this year’s updated ATO list for taxpayers, titled “What attracts our attention”, there are six items

[ Read More ]

Tax incentive for investors in early-stage start-ups

  For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses — or as the ATO defines them, early stage innovation companies (ESICs). The incentives provide your eligible clients who invest in new shares in an ESIC with: a non-refundable

[ Read More ]

The same business test replaced by the “similar business” test

  Among the first batch of tax legislation the government dealt with in the new year was Treasury Laws Amendment (2017 Enterprises Incentives No.1) Bill, legislation that contained changes to the “same business” test. It sees the “same business test” supplemented with a more flexible “similar business test” to work out whether a company’s income

[ Read More ]

If you think education is expensive, try ignorance

  The above headline (“If you think education is expensive, try ignorance”) is actually an old saying about the benefits of education and training. It seems that a few people want to lay claim to the original quote, but whoever said it certainly had a clear picture of the attitude sometimes taken to further education

[ Read More ]