As of 7 March 2024, the Australian Taxation Office (ATO) has reiterated the application of a 12.5% foreign residents capital gains withholding (FRCGW) on all property transactions exceeding $750,000 conducted by non-resident individuals. This entails withholding a minimum of $93,750 from the sale proceeds, unless a variation is approved. Variations Vendors are eligible to seek…
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As we gather together to celebrate the Christmas season, we want to take a moment to express our gratitude to each individual who has been an integral part of our business family. We wish you and your loved ones a very Merry Christmas filled with warmth, blessings, and the love of family and friends
Looking ahead to 2024, the small business landscape is poised for significant growth and change. Are you ready to seize the opportunities?
The ATO has recently issued a warning to small businesses regarding the misuse of unpaid tax and superannuation liabilities to support their cash flow
Vacant land ownership presents a unique set of considerations within the realm of taxation, both preceding and following July 1, 2019.
Cash flow can be a major hurdle for small businesses. With limited resources and many aspects to manage, facing a cash crunch is easy. However, there are effective steps you can take to ensure your business has enough money to function and grow Watch Your Cash Flow Closely Managing your cash flow is vital for…
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On September 19, 2023, Daniel Mookhey, the Treasurer of New South Wales, unveiled the first state budget under the Labor party’s governance since 2010
Investors must consider a range of tax laws dealing with income, assets and deductions. Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not aways clear and characterisation of a receipt will ultimately depend on the circumstances…
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Choosing the right business structure to maximise the return and to minimise the legal and economic risk for the owner(s) is important. Choice of structure can significantly affect the tax liability arising from various transactions. Sole traderA sole trader is subject to income tax on all sources of assessable income whether from business, salary and…
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The Personal Service Income (PSI) rules are a set of ATO provisions designed to prevent persons who derive income from their personal services from “splitting” or “alienating” that income with other persons and therefore minimising the overall tax payable. If you cannot pass one of the tests within the PSI rules and do not have…
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