The ATO has recently updated its guidance material on the operation of the personal services income (PSI) and personal service business (PSB) rules.
New guidance on “personal services income” rules
Tag: Taxation
The tax treatment of cryptocurrency
Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.
Dealing with excess before-tax super contributions
Making extra before-tax contributions into super can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap.
Independent audit review for small businesses
From 1 April 2021, the ATO’s independent review service has been made permanently available for eligible small businesses with a turnover less than $10 million.
EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place.
When it comes to real estate and CGT, look at timing
When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs…
Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return. The ATO classifies the amounts that it doesn’t count as
Unexpected lump sum payment in arrears?
Do you have an unexpected lump sum payment in arrears? There’s a tax offset for that! We explore the options available.
Vehicle benefit FBT treatment changes under COVID-19
The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax.
Natural disasters and help with your tax
Destructive events means loss of income for the people – both directly and indirectly. We review what options are available to those affected by natural disasters.
Single Touch Payroll – When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. Depending on your business’s situation and circumstances, what you need to do may be different.
Getting a tax valuation from the ATO
Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value may need to be determined.