Posts

netflix tax

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.

taxable importations

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.

Tax Effective Structuring

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.

the 2019 harding case

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.

insights of a tax lawyer

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.

how tax law is made - part 2

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.

How Tax Law is Made - Part 1

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.

Tax Simplification

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.

Tax Reform

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. 

Power of Attorney and Enduring Guardianship

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.

Death Benefit

123 | Death Benefit

A death benefit is any payment your super fund makes after you die. Here is Gordon Mackenzie of UNSW with more.

Changes to the R & D Tax Incentive

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.

Review of Small Business Tax Concessions

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.

aged living

102 | Aged Living

How do we support aged living in Australia?  John Saunders of The Pittwater Partnership will walk you through the options.

trust income streaming

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.

Taxation of Trusts

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. 

Revocable trusts

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.

Phoenix Activity

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.

Trust Structure

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.

Set Up a Discretionary Trust

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.

Duties of Trustees

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.

TRIS to Retirement Phase

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.

when a member dies

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.

Bring-Forward Rule

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.

how to maximise ECPI

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.

Actuarial Certificates

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.

ECPI

82 | Segregation

To segregate or not - that is a big question and affects ECPI. Melanie Dunn of Accurium will walk you through the details.

Common reporting standards

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.

R&D tax Incentive

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.

The Great Debate

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. 

Debt or Equity

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.

The Panama Papers

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.

estate planning

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.

offshore tax havens

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.

Partial Commutations Require an AFSL

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.

NSW payroll tax exemptions and rebates

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. 

Sole Purpose Test

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.

CFD

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.

fringe benefits tax

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.

objections

10 | Objections & Appeals

How does an objection or appeal work? What other options do you have? King Tan of King & Wood Mallesons will give you an answer and much more.

risk review

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.

ATO Tax Dispute

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.

Payroll tax

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

Payroll tax

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..
minor benefit rule

93 | Minor Benefit Rule

The minor benefit rule is the one exception that turns a non-deductible contribution into a tax-deductible gift. 
gifts and contributions

94 | Gifts and Contributions

Every donation of money or property to a charity is either a gift or contribution.
Tax Deduct Business Lunches

92 | How To Tax Deduct Business Lunches

Can you tax deduct business lunches? In principle No, but probably Yes. 
deduct travel expenses

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.
Lodge a tax return

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.
small business tax concession

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.
Income Tax Payable and Provision for Income Tax

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?
Small Business Participation Percentage

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.
transferor trusts

53 | Transferor Trusts

If Australia didn’t have rules around transferor trusts, you could ‘park’ assets and income in overseas trusts.

52 | Trusts as Companies

Corporate unit trusts and public trading trusts are trusts in a legal sense but treated as companies for tax purposes.
taxation of deceased estates

51 | 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.
control test

47 | 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.
50% Stake Test

46 | 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.

45 | Pattern of Distributions Test

The pattern of distributions test only applies to non-fixed trusts without a family trust election.
Income Injection Test

44 | 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.
unit trusts fixed

43 | 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?
Trust Losses

42 | 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.
reimbursement agreement

41 | Reimbursement Agreement

A reimbursement agreement is an arrangement, where the trustee channels trust distributions via beneficiaries to a third party. 
Revocable trust

40 | Revocable Trust

A revocable trust is a pretend game.  So the Commissioner can put an end to the charade and tax the trustee instead.
CGT Event E4

39 | 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.
how to stream trust income

36 | 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.
streaming of trust income

35 | Streaming Trust Income

Streaming of trust income is a good way to tax-effectively channel income to the right beneficiaries.
Who Pays the Income Tax for a Trust

34 | Who Pays the Income Tax for a Trust

Beneficiaries and/or trustee pay the income tax for a trust. But who pays how much?
Taxation of Minors Div 6AA

32 | 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.
Trust

30 | What is a Trust

There are more than 800,000 trusts in Australia with assets totalling more than $3 trillion. But what is trust?
Definition of Trust Income

24 | 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.
are tolls car or travel expenses

22 | 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.
Tax evasion

16 | Tax Evasion

Tax evasion is a heavy word. Accuse somebody of tax evasion and you surely get their attention. But what is tax evasion?
Amendment Periods

15 | Amendment Periods

Amendment periods can work for or against you, depending on who wants to change what and when.
Payment Arrangement

14 | Payment Arrangements

Payment arrangements with the ATO are expensive due to high interest rates. So best to avoid using the ATO as a bank.
Director Penalty Notice

13 | 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.
Taxpayer's Charter

12 | 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.
lodging income tax return

11 | 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.
Tax Collection

10 | Tax Collection

Tax collection is an essential function of our tax system. Imagine if that wasn't working. It would undermine everything.
Minimum Pension Payments

9 | Minimum Pension Payments

When you start a pension, you need to make minimum pension payments. Otherwise your fund loses its tax exempt status.
withdraw from accumulation

8 | 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.
Tax Deduction for Conference Travel

5 | 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.
Tax Deduction for Fundraising Events

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.
tax deduction for gifts and donations

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.
Commissioner's Effective Life of Depreciable Assets for 2019

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.