Property Development and Non-Commercial Losses
ITAA 1997 Div 35 will apply to defer a non-commercial loss from a business activity unless:
you meet the income requirement and you pass one of the four tests
the exceptions apply, or
the Commissioner exercises his discretion.
The…
Tax Free Lump Sum From Foreign Super Fund, Are You Sure?
It is quite common to see that many Australian residents migrated from overseas bringing lump sum amount from their overseas super fund into Australia and being asked by the ATO the nature of the money. Unless otherwise it is…
New Childcare Subsidy
The current Child Care Benefits (CCB) and Child Care Rebate (CCR) are slated to be removed and replaced with a new Child Care Subsidy (CCS). If the Bill goes through parliament as currently written, these changes are due to take effect from…
Client Alert: ATO's Cash Business Crackdown and Risk Mitigation
The ATO is looking to continue their fight against the cash economy by visiting various businesses in capital cities that are operating as a “cash only” business. The current businesses under scrutiny are cafes and restaurants and hair and…
2017 Tax Planning Sessions
For Small Business Clients
As 30 June 2017 is fast approaching, we would like to advise you of some key tax planning opportunities that your business may be in a position to take advantage of before the end of the financial…