424 | How to Structure a Charity
How to structure a charity - should you use an unincorporated or incorporated association or a company limited by guarantee?
Posts
422 | Employee Share Option Plans (ESOP)
Employee Share Option Plans - or ESOPs - give you an option to receive a share. That option might vest in the future, or it might not. Hence, taxation occurs only at the vesting point. Or in other words: The taxation point is at the point of vesting.
421 | Employee Share Plans (ESP)
Employee Share Plans (ESP) give you shares without any strings attached. They are taxed upfront.
411 | Amendment Period Changes
So far you could assume a 2-year amendment period for most SMEs. Not anymore. Here is what the update of Regulations 2015 change for you.
407 | s99B ITAA 1936
s99B ITAA 1936 is about foreign trusts paying accumulated income to Australian resident beneficiaries. Take away one of these elements, and you don't have a s99B issue.
Update 35 | s100A Pain Points
There are many s100A pain points - let's cover five in this update.
385 | Simplified Transfer Pricing Record Keeping
You have seven options to qualify for the simplified transfer pricing record keeping as outlined in PCG 2017/2.
366 | ASIC Deregistration of Insolvent Companies
ASIC deregistration of insolvent companies can be a deliberate strategy.
365 | When To Call It A Day
As your business struggles, when is it time to call it a day? Here is Ben Sewell with nine more questions to ask.
364 | When Your Business Can’t Pay Its Bills
What should you do when your business is struggling? There are 19 questions to ask.
357 | US – AU Tax Questions
When you structure across the US - AU border, you easily run into the following six questions.
356 | Expansion Into The US
When your clients plan an expansion into the US, they will most likely ask you how to structure this.
355 | US Public and Private Markets
How you structure your investment into US public and private markets depends on the following seven factors as Peter Harper of Asena Advisers will tell you in this episode.
352 | Amendment Periods
Amendment periods determine how much time you have to fix a tax return.
348 | CGT Moving Back To Australia
When you move from the US back to Australia, your tax position faces two big issues: CGT and your 401k.
342 | TPB Q & A
In this TPB Q & A we ask the TPB three important questions about branding, overseas staff and supervision.
US 16 | Non-ECI Non-FDAP
Non-ECI Non-FDAP - how is US sourced income that is neither ECI nor FDAP taxed in the US if derived by a non-resident?
US 15 | LLC Income
How LLC income is taxed in the US - disregarding any treaty position - depends on three things as Gary Carter will tell you in this episode.
US 13 | US Taxation of Australian SMSFs
For US citizens living in Australia, the US taxation of Australian SMSFs is a huge question.
328 | Duplex Development
Putting a duplex development onto a site that was previously a main residence can throw a lot of tax issues at you.
327 | Duplex Development Brainstorming
In this duplex development brainstorming session let's talk about the tax implications of duplex developments.
326 | Tax Deducting Your Home Loan
Can you still claim the main residence exemption while tax deducting your home loan?
323 | Missing Trust Distributions
Missing trust distributions can cost you a lot of money unless you have a default beneficiary.
US 12 | Australian Trust Holds LLC
For an expansion into the US is it best if your Australian trust holds LLC interests directly? Rather than going through a C-Corp?
US 11 | Australian Loan to US
When you give an Australian loan to US operations, should you loan to your US blocker or directly to your US trading entity?
US 10 | LLC Plus Blocker
When would you set up an LLC plus blocker to expand into the US market? Marsha Dungog of Withers has the answer.
320 | Inbound Investments
Inbound investments have implications for Australian tax. Clint Harding of Arnold Bloch Leibler in Sydney will tell you what they are.
US 9 | Australian Companies in US Returns
How do you show Australian companies in US returns? Seth Hertz of US Expat Tax has the answer.
319 | Cross-Border Royalties
Cross-border royalties - what do you need to look out for when your client pays royalties to an entity overseas?
US 8 | LLC or C-Corp
As a non-US tax resident, should you run your US business through an LLC or C-Corp?
318 | To Block Or Not To Block
To block or not to block - that is the question Clint Harding and Alex Rasmussen will discuss with you in this episode.
Update 31 | NSW JobSaver and Micro-Business Grant
The conditions for the NSW jobsaver and micro-business grant are changing. Matthew Addison of ICB has the details.
315 | Private Ancillary Funds
A Private Ancillary Fund allows you to claim a tax deduction while still retaining some control of the trust funds.
301 | PSI Rules
PSI or PSB? The answer can cost or save you tax. Here is Andrew Henshaw of Velocity Legal in Melbourne with the details.
288 | Taxation of IP
The taxation of IP is about CGT, depreciation, instant asset write-offs and tax incentives. Here is Melissa McGrath with more details.
286 | Expand Into New Zealand
How to you expand into New Zealand? What GST and income tax implications does this have? Here is Mike Reddy of NZTax.com.au.
285 | Expand Overseas
What happens to your tax position when you expand overseas? Here is Clint Harding of Arnold Bloch Leibler in Sydney with the anwer.
US 6 | US Stimulus Cheques
How do you treat the US stimulus cheques in Australian tax returns? Seth Hertz of US Expat Tax in Sydney will give you the answer.
UPDATE 25 | Testamentary Trust Law Change
There has been a significant testamentary trust law change affecting how distributions to minors are taxed.
276 | Going AWOL
Will going AWOL save you money? What happens when your company keeps trading but ignores all ASIC and tax debts?
268 | How To Save Stamp Duty
In this episode Geoff Stein of Brown Wright Stein Lawyers in Sydney will discuss ways with you to reduce stamp duty.
UPDATE 23 | The Budget
Here are the 10 most important tax concessions announced on budget night 6 October 2020.
UPDATE 20 | Jobkeeper Changes
The upcoming Jobkeeper changes will affect whether you continue to qualify and how much you get if you do.
248 | Land Tax
NSW land tax is a charge on any land in NSW you hold as of 31 December unless an exemption applies.
UPDATE 9 | Commercial Tenancies Code
The Commercial Tenancies Code might be the lifeline you need. Here is Scott McKenzie of Velocity Legal with more.
235 | Property and Tax
What are the most current changes around property and tax? Here is Bob Deutsch of The Tax Institute with some insights.
US 5 | US Individual Tax Return (Form 1040)
How do you 'read' an US individual tax return for Australian tax purposes? This is the question we asked Seth Hertz of Expat US Tax.
US 4 | US v Australian Tax for Individuals
US v Australian tax for individuals - how is US tax different from Australian tax and vice versa? Here is Seth Hertz with some insights.
US 3 | US Tax For Individuals
US citizens living in Australia are taxed on their worldwide income in Australia but also in the US. Here is Seth Hertz of Expat US Tax with more.
228 | International Tax Update
What are the three biggest issues around international tax at the moment? Here is Bob Deutsch with some thoughts.
212 | Foreign Investment Review Board
The Foreign Investment Review Board is to protect Australia's national interests. Here is Simon Dorevitch with more.
197 | Netflix Tax
In this episode Simon Dorevitch of A & A Tax Legal Consulting in Melbourne will tell you how the so-called Netflix tax actually works.
190 | Taxable Importations
You pay GST on taxable importations but get it back if a creditable importation. Here is Simon Dorevitch of A & A Tax Legal Consulting with more.
189 | Tax Effective Structuring
Tax effective structuring is not a one-size-fits all. Andrew Henshaw of Velocity Legal in Sydney will walk you through the options you have.
154 | The 2019 Harding Case
Since the 2019 Harding case a permanent place of abode no longer needs to be a specific dwelling. Here is Andrew Henshaw of Velocity Legal with more.
147 | Insights of a Tax Lawyer
The following insights of Andrew Henshaw of Velocity Legal will give you hands-on advice how to handle a tax dispute with the ATO.
146 | How Tax Law is Made – Part 2
In this episode Robyn Jacobson of TaxBanter will walk you through the judiciary (courts) and administrative side (ATO) of our tax law system.
145 | How Tax Law is Made – Part 1
Australia's three independent arms of government shape our tax system. Robyn Jacobson of TaxBanter will tell you more.
144 | Tax Simplification
If we can't reform our tax system, should we try to at least simplify it? Here is Chris Evans of UNSW with some insights.
143 | Tax Reform
In this episode Chris Evans of UNSW looks at tax reform and why this seems to be an insurmountable task in Australia.
136 | ATO Disputes
ATO disputes do not count as the most pleasant life experience for most. So how can we avoid them or manage them? Andrew Henshaw of Velocity Legal will give you an answer.
134 | Testamentary Trust Basics
In this episode Peter Bobbin of Argyle Lawyers will tell you when a testamentary trust makes sense - and when it doesn't.
133 | ITAA97 NANE
In this episode Peter Bobbin of Argyle Lawyers will tell you more about a new non-arm’s length concept - non-arm’s length expenses - NANE.
132 | ITAA97 NANI
s295-550 ITAA97 doesn't get much limelight but is much more dangerous than s109 of the SIS Act. Here is Peter Bobbin of Argyle Lawyers with more.
131 | SIS Act NANI
Non-arm's length income features in most court cases around the sole purpose test as Peter Bobbin of Argyle Lawyers will explain in this episode.
123 | Death Benefit
A death benefit is any payment your super fund makes after you die. Here is Gordon Mackenzie of UNSW with more.
107 | Changes to the R&D Tax Incentive
The R & D tax incentive is about to change. Simon Dorevitch of A&A Tax Legal Consulting will tell you more.
106 | Review of Small Business Tax Concessions
The Board of Taxation is currently reviewing Australia's small business tax concessions. Here is Dr Mark Pizzacalla with more details.
102 | Aged Living
How do we support aged living in Australia? John Saunders of The Pittwater Partnership will walk you through the options.
97 | Trust Income Streaming
Trust income streaming is an important feature of non-fixed trusts. Here is Paul Mackenroth of Cleary Hoare with the details.
96 | Taxation of Trusts Div 6 ITAA36
The taxation of trusts lives in the 'old' ITAA36. Paul Mackenroth of Cleary Hoare in Brisbane will walk you through the framework of Division 6.
94 | Revocable Trusts
Section 102 of ITAA36 about revocable trusts is an anti-avoidance provision. Paul Mackenroth of Cleary Hoare in Brisbane will tell you more.
92 | Phoenix Activity
Phoenix activity is a common phenomenon in the Australian tax ecosystem. Ben Sewell of Sewell & Kettle will tell you how phoenixing works.
91 | Trust Structure
Choosing the right trust structure is an important step to effectively manage and administer wealth. Here is Paul Mackenroth of Cleary Hoare with more.
90 | Set Up a Discretionary Trust
How do you set up a discretionary trust? Paul Mackenroth of Cleary Hoare in Brisbane will walk you through the process.
89 | Duties of Trustees
The relationship between trustee and beneficiary is defined by rights and duties. Paul Mackenroth of Cleary Hoare in Brisbane will tell you more.
88 | TRIS to Retirement Phase
When moving a TRIS to retirement phase, does it matter when you notify the trustee? Meg Heffron of Heffron SMSF Solutions has the answer.
87 | When a Member Dies
When a member dies, there is a lot to deal with in the aftermath - including the member's SMSF. Here is Meg Heffron of Heffron SMSF Solutions with the details.
86 | Bring-Forward Rule
The bring forward rule for non-concessional contributions now needs to work around the TSB. Meg Heffron of Heffron SMSF Solutions will tell you more.
85 | How To Maximise ECPI
To minimise tax you need to maximise your exempt current pension income (ECPI). Melanie Dunn of Accurium will tell you how.
84 | Actuarial Certificates
Not every SMSF needs an actuarial certificate. Whether you do or don't depends on a range of things. Here is Melanie Dunn of Accurium with the details.
82 | Segregation
To segregate or not - that is a big question and affects ECPI. Melanie Dunn of Accurium will walk you through the details.
36 | Common Reporting Standards
Tax havens start talking to the ATO thanks to the new Common Reporting Standards. Ben Sewell of Sewell & Kettle provides a helpful overview.
34 | R&D Tax Incentive
The R&D Tax Incentive can help companies to survive and prosper. But how? Kevin O'Hara of Techwitty will walk you through the details.
33 | The Great Debate
If you could change one thing about the Australian tax system, what would it be and how? Robert Deutsch of The Tax institute asked that question.
32 | Debt or Equity
Is it debt or equity? Scott Treatt of Pitcher Partners will walk you through Div 974 that governs the classification of debt and equity.
30 | The Panama Papers
The Panama Papers were the scandal the world had to have. In this episode Ben Sewell of Sewell & Kettle in Sydney tells us how it happened and what it meant.
28 | Estate Planning
Estate planning is complex because it has so many moving parts: trust law, super law, tax law, family law. Ben Symons of State Chambers, NSW will walk you through the jungle.
26 | Offshore Tax Havens
How do you set up shop in an offshore tax haven? Ben Sewell of Sewell & Kettle shows you what it takes and a few more things along the way.
25 | Partial Commutations Require an AFSL
Are we as tax advisers allowed to partially commute balances from pension back to accumulation? Here is David Moss of Merit Wealth on this issue.
24 | NSW Payroll Tax Exemptions And Rebates
Payroll exemptions and rebates are not harmonised across Australia. Here are Andrew Fricot and Ankur Dhar of Revenue NSW with the details.
19 | Sole Purpose Test
According to the ATO the sole purpose test is the most commonly breached rule. Manoj Abichandani of Online SMSF Auditor discusses the issue.
16 | What is a CFD?
CFDs are complicated. Jonathan Preston of HomeLoan Experts traded CFDs for quite a few years and will walk you through the ins and outs of CFD trading.
15 | Fringe Benefits Tax
FBT can be complicated and confusing. Claire Thornett of WLF will give you a comprehensive overview of the FBT system in Australia.
10 | Objections & Appeals
How do objections and appeals work? King Tan of King & Wood Mallesons will give you an answer and much more.
7 | Risk Reviews & Tax Audits
How to manage a risk review or tax audit? King Tan of King & Wood Mallesons freely shares his knowledge and expertise with you here.
4 | Lifecycle of a Tax Dispute
King Tan of King & Wood Mallesons will walk you through the lifecycle of a tax dispute. All the way from pre-engagement to objections and appeals.
1 | Payroll Tax
Most of Australia's payroll tax legislation is harmonised across Australia. Andrew Fricot and Ankur Dhar of Revenue NSW will show you.
Articles
95 | Do I Have To Pay Payroll Tax?
Payroll tax is often your blind spot. You hire more staff and contractors as the business grows. And suddenly payroll tax is an issue..
94 | Gifts and Contributions
Every donation of money or property to a charity is either a gift or contribution.
93 | Minor Benefit Rule
The minor benefit rule is the one exception that turns a non-deductible contribution into a tax-deductible gift.
92 | How To Tax Deduct Business Lunches
Can you tax deduct business lunches? In principle No, but probably Yes.
91 | Deduct Travel Expenses
When you deduct travel expenses from your income you save tax. That is a good thing. But you are also more likely to get audited.
88 | When to Lodge a Tax Return
Do you need to lodge a tax return for individuals? Usually YES but often NO. The rules can be confusing at the best of times.
87 | Small Business Tax Concessions
Small business tax concessions are an important feature of the Australian tax system. Here is a summary of the top 21.
75 | Tax Positions in Class
Tax positions in Class Super - or any accounting software for that matter - can be confusing. So here is a short overview for Class Super.
71 | Income Tax Payable and Provision for Income Tax
Your Statement of Financial Position usually shows an income tax payable and a provision for income tax. What is the difference?
60 | Small Business Participation Percentage
The small business participation percentage plays a crucial role when you sell shares or units and want to qualify for the small business CGT concessions.
52 | Transferor Trusts
If Australia didn’t have rules around transferor trusts, you could ‘park’ assets and income in overseas trusts.
51 | Trusts as Companies
Corporate unit trusts and public trading trusts are trusts in a legal sense but treated as companies for tax purposes.
50 | Taxation of Deceased Estates
The taxation of deceased estates can be easy and it can be tricky. It depends on what goes in, what happens while it is in there and how it leaves.
46 | Control Test
A non-fixed trust can only deduct tax losses and debt deductions if there is continuity of control of the trust. So here comes the control test.
45 | 50% Stake Test
The 50% stake test is all about who has been holding more than a 50% stake in the trust and whether that has changed from the loss to the income year.
44 | Pattern of Distributions Test
The pattern of distributions test only applies to non-fixed trusts without a family trust election.
43 | Income Injection Test
The income injection test applies to all fixed and non-fixed trusts including family trusts. The only exception are excepted trusts that are not family trusts.
42 | Are Unit Trusts Fixed
A unit trust is a very common feature in Australia. Most widely held trusts are unit trusts. But when are unit trusts fixed trusts and when not?
41 | Trust Losses
Trust losses are not subject to the Division 35 non-commercial loss rules. Instead the trust loss provisions in Schedule 2F ITAA36 apply.
40 | Reimbursement Agreement
A reimbursement agreement is an arrangement, where the trustee channels trust distributions via beneficiaries to a third party.
39 | Revocable Trust
A revocable trust is a pretend game. So the Commissioner can put an end to the charade and tax the trustee instead.
38 | CGT Event E4
A CGT event E4 can only happen in relation to a fixed or hybrid trust interest. The non-assessable part results in a cost base adjustment per s104-70 ITAA97.
35 | Streaming Trust Income Example
How to stream trust income sounds confusing enough in theory but gets even more confusing when you drown in numbers. But here is a simple example.
34 | Streaming Trust Income
Streaming of trust income is a good way to tax-effectively channel income to the right beneficiaries.
33 | Who Pays the Income Tax for a Trust
Beneficiaries and/or trustee pay the income tax for a trust. But who pays how much?
31 | Taxation of Minors Div 6AA
The taxation of minors in Division 6AA is an anti-avoidance provision. Anybody channeling certain income to minors is hit with punitive tax rates.
29 | What is a Trust
There are more than 800,000 trusts in Australia with assets totalling more than $3 trillion. But what is trust?
23 | Definition of Trust Income
The definition of trust income in your deed determines who gets what income and as important who pays tax on what income. So you need to get this right.
21 | Are tolls car or travel expenses
Tolls are travel expenses and subject to GST (just in case you were wondering). And it makes sense when you think about it.
14 | Tax Evasion
Tax evasion is a heavy word. Accuse somebody of tax evasion and you surely get their attention. But what is tax evasion?
13 | Amendment Periods
Amendment periods can work for or against you, depending on who wants to change what and when.
12 | Payment Arrangements
Payment arrangements with the ATO are expensive due to high interest rates. So best to avoid using the ATO as a bank.
11 | Director Penalty Notice
A director penalty notice allows the ATO to cut through the corporate veil of a company and go for the individuals behind it - the directors. Here is more.
10 | Taxpayer’s Charter
It might feel at times as if you have no rights against the ATO. But you do. They are listed in the Taxpayers' Charter.
9 | Lodging Income Tax Returns
The Commissioner of Taxation decides who needs to lodge tax returns in what form and by what date. The law itself is relatively silent on the matter.
8 | Tax Collection
Tax collection is an essential function of our tax system. Imagine if that wasn't working. It would undermine everything.
7 | Minimum Pension Payments
When you start a pension, you need to make minimum pension payments. Otherwise your fund loses its tax exempt status.
6 | Withdraw from Accumulation
Can you withdraw from accumulation accounts in your SMSF? If you have met a condition of release, the answer is Yes. If you haven't, the answer is a big No.
4 | Tax Deduction for Conference Travel
How much can you claim as a tax deduction for conference travel? You might have to reduce the claim for any private portion. Here is how.
3 | Tax Deduction for Fundraising Events
If a charity event passes the Minor Benefit Rule, the DGR charity can issue a tax receipt for parts of the ticket price and auction proceeds. Here is more.
2 | Tax Deduction for Gifts and Donations
The tax deduction for gifts and donations sits in Division 30 of ITAA 97 Deductions for Gifts and Contributions. There is a lot in that title. Let's dissect it.
1 | Commissioner’s Effective Life of Depreciable Assets for 2019
The Commissioner publishes a Taxation Ruling each year listing the effective life of depreciable assets. Here is a handy overview for small operators.
Tax Talks
Tax Talks is Australia’s tax news podcast for tax professionals. Informative, entertaining and free.
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