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If you arrived in Australia during the tax year or left the Australia, this shall impact your tax status as well. There are certain prescribed tests to work out the tax residency status. Your immigration status and tax resident status are two different things. If you become an Australian tax resident, then you are taxable…

Do you run more than one business? Are all these small businesses, if aggregated? What tax obligations do you have? Are you aware of tax concessions available to small Businesses? Is your strategy crafted correctly and aligned to achieve these benefits? ………………………………………………… Really when you think about the possibilities and permutations for running small businesses,…

  Is your taxable income below the tax-free threshold? Are you of the opinion that you are not required to file the income tax return?   This may not be the case, even If your taxable income is under the tax-free threshold (In Australia $18,200) you may still need to lodge a tax return in…

If there is any unclaimed deduction directly related to an income-producing asset, an adjustment under capital gains tax rules may be available. A private binding ruling released on 7 th March 2018 has investigated this area. This ruling highlights options available for practitioners when finding new information about a taxpayer’s affairs. Source: CCH (PBR 1051287100299)

If you are under 60 years old or/and the benefit is from a reversionary capped (the income stream reverts to you automatically upon the member’s death) defined benefit income stream where the deceased was 60 years or over when they died; or if you are 60 years old or over and the benefit is from…

A new tax offset LAMITO will be introduced from 1 July 2018 for Low and Middle income earners (Australian residents). What is LAMITO The Low and Middle Income Tax Offset (LAMITO) will provide an additional offset Up to $200 if you earn less than $37,000, if you earn more than $37,000, but less than $48,000,…

Fringe Benefit tax (FBT) is a tax paid by employers for benefits given to an employee in for of Salary package. If you are a director of a company or trust, benefits you receive may be subject to FBT. FBT year runs from 1 April to 31 March. There will be a change of method….

What are self-education expenses? Self-education expenses are expenses that you incur when you undertake a course directly related to your work.You cannot claim self-education expense if it leads to get you a new employment or open a new income earning activity.AAT concludes that in health care sector out of three levels being “personal care and…

The recently announced Budget for 2018–19 brings choice in the hands of eligible employees to nominate their wages from certain employers are not subject to the superannuation guarantee (SG) from 1 July 2018. Eligible Employees: Individuals with more than one employer and expect their income for SG purposes will exceed $263,157 for the financial year will…

GST Applicability: GST only applies to the sale of certain property types (for example, vacant land, new residential premises, commercial premises) if the vendor is registered or required to be registered for GST purposes. Even if you are not in business, if the turnover from your property transactions and other transactions are more than the…