income tax

Adjusted taxable income: An explainer in case a client asks

  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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An expense that’s hard to categorise? It could be a D15

  Clients now and then may need to be directed towards the supplementary section of a tax return if they are keen to claim a deduction that does not sit comfortably within the other items that precede it. The supplementary section is where we find item D15, “other deductions”. In its guidance, the ATO makes

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The occasional, and sneaky, GST component of income tax

Generally, the GST component of income or expenditure is ignored for income tax purposes. However, there are exceptions, particularly where there has been a change in planned use. The effect of GST on assessable income are: the GST payable in respect of taxable supplies is excluded from assessable income, and a decreasing adjustment is included

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The delayed income tax offset, and how it can help

You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax offset. The offset has also been labelled the lump sum payment in arrears offset. It

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Practical tips and advice for tax practitioners from the ATO

The ATO has provided links to tips and advice for tax professionals about common errors, plus other topics of interest. Practical tips and advice for tax practitioners from the ATO For your practice, find out about: Where to find help for using the portals Client list – checks to make before clients are removed Reduce

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