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The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance can be considered...

Tuesday 24 August Business support package for regional Victoria activated A package of automatic cash grants jointly funded by the Commonwealth and Victorian governments have been activated to provide regional Victorian businesses with the support following the extension of the Victorian lockdown...

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On 12 August, in response to the ATO’s recently-released final ruling on NALI and NALE, Tax & Super Australia’s Head of Superannuation, Natasha Panagis, ran a webinar on the topic. Attended by several hundred professionals across Australia, the event generated...

The ATO’s release of LCR 2021/2 – which relates to expenditure incurred by superannuation funds under non-arm’s-length arrangements – is probably the most concerning tax interpretation ever made by the ATO regarding superannuation funds, says Tax & Super Australia (TSA)....

Most, if not all, State and Territory COVID grants made to small business are non-assessable, non-exempt (NANE) income. But for this to be the case, the requirements in s 59-97 of the ITAA 1997 must be met. These include that...

The CGT exemption that is available for the sale of an inherited home within two years of the deceased’s death under s 118-195 of the ITAA 1997 is invaluable. Furthermore, an extension of this period can be sought directly from...

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under...

For some clients, waiting for their expected tax refund can seem to drag out interminably, and some mistake receiving a receipt as a sign of an imminent ATO deposit into their bank. So if you have a client who has...

The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it had become significant — before the restrictions imposed by the pandemic. Businesses had been increasingly moving staff...

The ATO’s test case litigation program was established to fund cases that have broader implications beyond individual disputes with the ATO. The ATO says it can help fund your client’s reasonable litigation costs if the outcome of their case will...

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September Newsletter – How to treat work-related travel and living away from home costs

“Tax & Super Australia Article – Daily update: 23 – 28 August

Tax & Super Australia Article – ‘ATO final ruling on NALI and NALE’ webinar Q&A

Tax & Super Australia Article – The ATO’s stance on LCR 2021/2 prompts unprecedented concerns for super funds

Tax & Super Australia Article – Consequences of COVID business grants being NANE

Tax & Super Australia Article – Understanding the partial CGT exemption for “previously inherited dwellings”

Tax & Super Australia Article – Eligibility requirements for SMSF trustees or directors

Tax & Super Australia Article – Client: “Where’s my tax refund?” Explaining timeframes, key terms, and possible reasons for delays

Tax & Super Australia Article – Travel (remember that?) allowances refresher — and some common mistakes

Tax & Super Australia Article – Does your client have a solid case to test tax law? Here’s one funding option

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