Tax

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

Guide to making motor vehicle expense claims

  A perennial tax topic that clients keep coming back to is claiming expenses for a car. The following notes summarise the most salient points for your clients when it comes to claiming a deduction for motor vehicle expenses. Key points to remind your clients about include: the way a claim is calculated depends on

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CGT and divorce: Rolling over separation anxiety

  With apparently one in three marriages ending in divorce in Australia, the CGT rollover provisions for the transfer of assets following a divorce or relationship breakdown (including a same-sex marriage or relationship) are quite significant. The great “Sandini” The recent case of Ellison v Sandini Pty Ltd [2018] FCAFC confirmed that the rollover is

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The ATO’s snapshot of the small business sector

  The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

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Unpacking statute-barred debts

  Various tax implications can arise when a debt becomes statute-barred. In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Each state and territory in Australia contains its own “statute of limitation” provisions that provide a procedural basis for

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2 minute quiz: Partnerships

  How well do you understand the taxation of partnerships? Try this 2 minute quiz: Partnerships questions to find out (answers are at the bottom of this screen). Question 1: Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying

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