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Relevant and practical knowledge and tools to build your business

Adjusted taxable income explainer

  If your clients have ever or will ever apply for certain tax offsets or concessions or a government benefit of some kind, they may very well be asked to provide their “adjusted taxable income” (ATI). ATI is used to assess eligibility for certain offsets and other entitlements (typically items T4, T5 and T6 but

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Anticipating future tax pitfalls with a professional practice

By Allan Swan Too often, the principals of a professional practice find that as their practices grow and evolve, they can encounter pitfalls and obstacles with regard to taxation. There are a variety of tax outcomes that can be affected over time — for example capital gains tax (CGT), land transfer duty, and the asset

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GIC and SIC rates change

The ATO has advised that the general interest charge (GIC) rate and shortfall interest charge (SIC) rate, for the April-June quarter of the 2017-18 income tax year, are as follows: GIC and SIC rates change GIC annual rate is 8.77% GIC daily compounding rate is 0.02402740%. SIC annual rate is 4.77% SIC daily compounding rate

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ATO is looking for feedback on its PLS dashboard

  The ATO has developed a practitioner lodgment service (PLS) dashboard to provide information on how the PLS is performing. The dashboard is in a public beta phase, which lets ATO operatives test and make improvements based on user feedback before it is made fully available. Tax practitioners — basically the people who will be

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