tax

Tax residency rules set for change

  The Board of Taxation (BoT) says it will be undertaking further consultation on what reforms are desirable for the tax residency rules for individuals. This follows previous reviews of Australia’s residency rules going back to 2016 and also 2017. It says the objective of any changes will be to ensure that any proposed new

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Apportioning GST annually for business and private purchases

  The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses

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Is the deduction substantiation threshold an ‘80s anachronism?

  Every tax time, the ATO is in the habit of pointing out the most common mistakes or misconceptions that regularly come to its attention — see its Tax myths busted! here. Generally leaving out some item of income is high up on the ATO’s list of taxpayer errors, as is trying to claim deductions

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Mid-FBT year fringe benefit compliance check-up

  It’s nowhere near Christmas yet (although a smattering of yule-infused ads have crept on to the TV), but in order to help practitioners get things right for their clients, and help them prepare for the inevitable FBT year end, the ATO has made known the fringe benefits tax issues that can benefit from a

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