An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be exercised by…
In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new transactions or business activities.
Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee by the employer. Here’s some information about which expenses are allowable for employees and non-employees, as well as what rules apply if the car is provided by an employer.
The same business test to be replaced by a “similar business” test
Removing tax deductibility of ‘non-compliant’ payments
The new “consumer” rules for GST and online purchases
Rental travel expenses mostly off the table
When valuations of property are important for tax
Tax incentive for angel investors in start-ups
Guide to making motor vehicle expense claims
The ATO is looking for personal services income diverted to SMSF’s
For certain travel expense claims, the term “itinerant” needs clarity