The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account...

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Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed...

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With apparently one in three marriages ending in divorce in Australia, the CGT rollover provisions for the transfer of assets following a divorce or relationship breakdown (including a same-sex marriage or relationship) are quite significant. The great “Sandini” The recent...

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A perennial tax topic that clients keep coming back to is claiming expenses for a car. The following notes summarise the most salient points for your clients when it comes to claiming a deduction for motor vehicle expenses. Key points...

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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. The practical compliance guideline concerned...

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Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned. Whether your firm...

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The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services (that is, PSI) to their fund, which results in minimising or...

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Proposed changes to the research and development (R&D) tax incentive are the most significant to the incentive since it replaced the R&D tax concession in 2011. The bill containing these changes is named the Treasury Laws Amendment (Making Sure Multinationals Pay...

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The introduction of the personal services income (PSI) regime in 2000 changed the way income from personal effort earned by contractors, consultants, and individual practitioners such as doctors is dealt with. There are a number of significant tax consequences for...

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Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact. And while it’s been tempting to conclude that the powers-that-be...

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