Third party FBT danger – what to look for
Where some businesses have tripped up in the past is where the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party...
Dealing with tax and renting via Airbnb
Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a...
Duties and taxes when you buy online from overseas
Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are regulated by the Department of Home...
SMSF commutation requests: How to get the green light from the ATO
The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. With recently introduced superannuation rules now in...
Bitcoin: Its place in your wallet or SMSF portfolio
Bitcoin: Its place in your wallet or SMSF portfolio While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in...
Employee share schemes and start-up concessions
Employee share schemes and start-up concessions by Valentine Tse | 27 June 2017 Motivationally speaking, there’s not much that beats a financial reward. And as it is generally accepted that business owners are the most driven to see their business succeed, giving...
ATO: Top 5 Helpline topics
ATO: Top 5 Helpline topics by Valentine Tse | 27 June 2017 As members of Tax & Super Australia will know, one of the most utilised services that members can access is our Helpline service. Through this service, members get direct access to our specialist tax...
Super changes from July 1 amended, but passed
Super changes from July 1 amended, but passed by Valentine Tse | 27 June 2017 The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017, containing further amendments to the new superannuation rules kicking in on the 1 July 2017, has passed both houses of Parliament...
Work-related expenses: ATO guidance videos and occupational guidelines for your clients
Work-related expenses: ATO guidance videos and occupational guidelines for your clients by Valentine Tse | 27 June 2017 The following videos, supplied by the ATO, can help your clients understand the basic rules before making a claim for certain work-related expenses....
Payment, or not? The operation of Division 7A
Payment, or not? The operation of Division 7A by Valentine Tse | 15 Jan 2017 Division 7A is part of the Income Tax Assessment Act 1936 and is intended to prevent profits or assets being provided to shareholders or their associates tax free. A payment or other benefit...