Keeping good business records is important for a number of reasons.
Welcome to the Tax Alert – all of the latest tax news, views and clues for March 2022.
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Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but what happens when your sibling also inherits a half-share of these?
The pandemic has resulted in more employees working from home. This has resulted in such people claiming a range of deductions for various associated “running expenses”.
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels, or spends time living away from home, for work.
Who can (and can’t) be part a family group for the purpose of making a family trust election (FTE)?
A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by the trustee of the trust under the terms of the trust deed.
Although the ATO deems flight rewards received under consumer loyalty programs are generally not taxable, it notes that FBT may apply in some instances.
Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion.
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.