Division 7A under Australian legislation is currently concerned with private company benefits given to shareholders which are taxable under the premise of income tax purposes. For two years, the Australian government has announced that they will be making changes to the law – however, experts predict that the changes may be deferred for the third…
Running your business from home can have great benefits, such as being able to spend more time with your family, not having to travel, and deciding your work hours. To make the most out of your home business experience, it is important to be aware of what tax deductions you can claim. If your home…
Employers who provide staff parking spaces may be affected by the rewrite of the car parking fringe benefits Taxation Ruling. A draft ruling TR 2019/D5 was released on 13 November 2019, a rewrite of TR 96/26. The draft ruling states that from 1 April 2020, the ATO proposes to treat a car park that offers…
When someone dies, their superannuation usually gets transferred to their beneficiary as superannuation death benefits. Depending on who the beneficiary is, the benefits may be taxed in some circumstances. If you are a beneficiary, the amount of tax you pay depends on factors such as: If the benefit is paid as a lump sum or…
