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Are you an Australian Tax Resident? – Residency Basics and Complications added by COVID-19

Amanda Guruge, October 25 2021

Despite the Budget 2022 announcements made in May 2021, it is important that taxpayers consider their residency circumstances based on the current legislation. With international borders re-opening for those in Australia, it is also vital to consider the impact of residency tests on those who are in Australia due to

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Victoria’s Windfall Gains Tax Regime: Initial Bill introduced

Bruce Collins, October 20 2021

The Victorian Windfall Gains Tax (‘WGT’) was first introduced during the 2021 and 2022 State budgets, but this is the first-time detailed information, scope and application has been released through the introduction of the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill

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New draft Tax Ruling on the ‘Games and Sports Exemption’ for not-for-profit clubs

Amanda Guruge, October 10 2021

Clubs, associations, and societies that generate income through their activities need to determine if their income is taxable or whether the ‘games and sports exemption’ from income tax applies. When we talk about clubs, associations and societies (collectively referred to as ‘clubs’), we are referring to community sports clubs, chess clubs, netbal...

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Interaction of superannuation guarantee and additional payroll tax liability

Amanda Guruge, October 5 2021

The NSW State Revenue office has released a Commissioner’s Practice Note: CPN 021 on the application of payroll tax to employer superannuation contributions. The aim of the Commissioner’s Practice Note is to assist taxpayers in determining when superannuation payments are included in taxable wages calculations to determine payroll tax liability.

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Payroll Tax and Medical Practitioners

Bruce Collins, October 5 2021

A version of this article has also been posted on the Tax Technical website. Recent developments in payroll tax in some Australian jurisdictions have raised serious issues for medical practitioners which may result in medical practice operating entities becoming liable for greater payroll tax based on various payments made to the medical practition...

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Serious hardship - Business owners are not always eligible

Bruce Collins, September 15 2021

The current ATO policy provides decision makers within the ATO the guidelines for determining whether serious hardship exists, and if so, where the taxpayer is liable. There are three ways a taxpayer can be ‘released’ from a debt described in the ATO guidelines: Serious hardship does not have a special meaning within the tax laws. Instead the ATO...

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Accountant expenses denied as deductions: Recent ATO announcements about COVID-19 payments

Bruce Collins, September 10 2021

On 3 September 2021, The ATO updated the public information about taxation of certain Government payments during COVID-19 pandemic, following announcements by the Treasurer, Josh Frydenberg. The changes have reclassified a number of Federal and State/Territory Government payment to ‘non-assessable non-exempt’ (‘NANE’) income, meaning the payments a...

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Construction costs NOT included in costs of margin scheme calculations: WYPF v FC of T

Amanda Guruge, September 10 2021

The margin scheme can be used for calculating GST on the taxable supply of real property. To be eligible, the real property must be either: Calculation methods Where the margin scheme is used to calculate GST, the GST payable is calculated on the ‘margin’ for the supply, rather than the consideration (sale price). There are two calculation...

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Interest is not always deductible: Advanced Holdings Pty Ltd ATF The Demian Trust v Commissioner of Taxation

Amanda Guruge, August 31 2021

The general principles of deductibility of an outgoing, such as interest depends on the taxpayer meeting certain criteria in incurring the expense: A common example of when interest is deductible includes the interest on a mortgage for an investment property that is used to gain or produce assessable income. But if you were to use the investment...

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Traps and tips: Preparing your 2021 individual tax return

Amanda Guruge, August 20 2021

With the dawn on a new financial year upon us, it is now tax season. With 100’s of thousands of people preparing their tax return in July and August following the end of a financial year, we wanted to provide you some tips on common mistakes. We always recommend that you should see an accountant to prepare your individual tax return. Simple mistake...

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