Tax

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

New company tax rate — beware of franking implications

The recent cut to the tax rate for small incorporated businesses, while generally very welcome, can bring with it some important considerations when it comes to making franked distributions. The rate change to 28.5% means that small businesses could easily frank dividends in excess of the underlying taxes paid on their profits and “overdraw” on

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With property valuations tax, make sure you get an appropriate estimation

Not all taxpayers may be aware of how the use of estimates can impact their annual tax bill. Estimates are most commonly used in apportioning expenses between private and business use.  More importantly however is the use of valuations to estimate the cost of transactions that are not arm’s-length or when no actual cash changes

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ATO crowdfunding guidance raises questions over gratuities, specialty donations

With the Uber-GST stoush earlier this year mostly settled, the Tax Office has offered an olive branch to another high-profile disruptive economy in the form of provisional guidance that promises things will change if they need to. Historically the Tax Office’s stance on crowdfunding has been narrow but definitive. Late last year, the regulator said

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