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When it comes to how the super death benefit is paid out, there are specific tax implications involved which affect the amount a nominated beneficiary will receive.
In a situation where super is paid out after an individual has passed, it is generally split up into two components; taxable and tax-free. The tax-free portion
The Australian Taxation Office (ATO) has announced changes to the way GST is collected at property settlement.
According to the ATO, those purchasing new residential premises or potential residential land who are required to withhold part of the purchase price for payment (to the ATO) must submit a number of online forms. These forms... more
The ATO conducts an extensive data matching program to assist them in administrating the tax system and as a law enforcement tool. Information is collected electronically and then it is validated, analysed and used to:
- Pre-fill tax returns, making it easier for individuals to lodge a
Partner at DFK Crosbie, Jason Bartlett, explains how you can re-discover peace of mind at tax time.
Feeling frazzled is a common complaint for business owners as the end-of-financial-year approaches. Wouldn’t it feel great to break that vicious cycle of stress and worry? So how you can go about it.
One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement to tax benefits.
Here are some tips to maximise your tax return this 2017/18 financial year:
Expenses you can and cannot claim
While your property is rented or available to rent, you can... more
Rental properties are an investment which are held by all types of entities and particularly common among individuals and trusts. The ATO has released a top ten list of tips for property investors.
1. Keep the right records
Keep evidence for all income and expenses. Additionally, keep all... more
The ATO is reminding those who work in the sharing economy to be aware of their tax obligations.
The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website.
Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on.
It is... more
Watch out for the Tax Man
With the festive season fast approaching and many Christmas functions being organised, the taxman is usually the last person you consider...with the result being that fringe benefits tax (FBT) is the largest cost of the event.
The provision of non-cash benefits to... more
From a tax practitioner’s point of view one, of the first thing to consider when providing proactive tax advice is what entities should be utilised to the taxpayer’s best advantage? For example, if two individuals commence in business together what would be the best structure? There may a be a choice of operating as a partnership, a... more