Now that the floodwaters are starting to subside, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also
Rightly or otherwise, all signs are pointing to life and the economy heading back to a business-as-usual status — and the world of tax, and tax compliance, will follow closely behind. When COVID-19 hit the Australian economy a year ago, the ATO started to redirect its resources and support to businesses trying to stay afloat,
1 April Full expensing and loss carry back hot tax time topicsThe Tax Practitioner Stewardship Group reports that it is receiving a lot of feedback from both taxpayers and tax practitioners that there is a keen desire to be prepared early if planning to make claims under the temporary full expensing and/or loss carry back
John Jeffreys As the JobKeeper scheme nears its end, the role that tax agents and accountants have played to keep businesses — and people — afloat should not be underestimated. Back on 30 March 2020, when Prime Minister Scott Morrison announced the JobKeeper package, accountants and tax agents’ phones across Australia started to ring hot.
By Simon Dorevitch 1 AFFILIATESRemember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition
It would be a serious understatement to say that the past year has been a doozy, and tax practitioners could be forgiven if they wondered if their performance to satisfy client expectations was such that they had regained pre-pandemic levels of trust and faith. Well the good news seems to be that the answer is
26 March Do you have SMSF clients with a TBAR obligation?The ATO warns that if a transfer balance account (TBA) event occurred in your client’s SMSF between 1 January and 31 March 2021, and any member of the SMSF has a total super balance greater than $1 million, then your client is required to lodge a transfer balance account return (TBAR) by
Tax & Super Australia (TSA) welcomes the ATO helping to clarify circumstances for when JobKeeper repayments voluntarily made by a company are tax deductible — an issue first raised by TSA earlier this year. However, it says confirming the tax treatment in legislation would go further to remove ambiguity on the matter. As reported in
When your client sells or otherwise disposes of real estate, the time of the event (that is, when they make a capital gain or loss) is usually when one of the following occurs: They enter into the contract (the date on the contract), not when they settle. The fact that a contract is subject to
The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced.