Ed. From chrissievers.com: The High Court allowed a taxpayer’s appeal in the case of Automotive Invest Pty Ltd v Commissioner of Taxation, deciding in a 3:2 ruling that the purpose of displaying luxury cars in a museum was primarily to facilitate their sale as trading stock, rather than as an independent tourist attraction.… read more
From au.andersen.com: The October 2024 Monthly Tax Update from Andersen Australia details recent legislative changes and developments in corporate, individual, indirect, and international tax.
Key updates include the introduction of a bill to streamline small business tax obligations and an extension of the anti-money laundering regime to cover lawyers and accountants.… read more
From youlegal.com.au: Many medical practices are now facing payroll tax obligations when previously they were uncommon, leading to challenges in financial viability.
Three key payroll tax exemptions may apply to medical practices: a 90-day exemption, a public service exemption, and an exemption for multi-person contracts.… read more
From www.domain.com.au: Combined capital house and unit prices in Australia continued to rise, achieving record highs for both categories, although growth rates have significantly slowed.… read more
From cmlaw.com.au: If a will cannot be found after a person’s death, the estate may be treated as if the individual died intestate, leading to distribution according to intestacy laws in New South Wales.… read more
From morningstar.com.au: Individuals earning over $97,000 may face a 2% Medicare Levy Surcharge, encouraging them to consider private health insurance.
Evaluating the financial aspects and benefits of private insurance, such as choice of doctor and hospital, is crucial for those above certain income levels.… read more
From cpacanada.ca: Prime Minister Trudeau’s recent criticism of wealthy Canadians using accountants to lower tax payments has sparked a response from CPA Canada, emphasizing the ethical role of accountants and the need for a comprehensive review of the complex tax system.… read more
From olverafirst.com: Over 30,000 company directors have received director penalty notices (DPNs).
DPNs make directors personally responsible for taxes like Pay As You Go withholding and superannuation charges, and they must respond within 21 days to avoid severe legal consequences, including bankruptcy or asset loss.… read more
From Journal of Accounting and Economics: Employees at firms involved in fraudulent financial reporting experience significant negative outcomes, losing approximately 50% of their cumulative annual wages compared to a matched sample, with higher turnover rates following fraud periods.… read more
From bdo.com.au: Registered Tax Agents are required to adhere to the Tax Agents Code of Conduct and use legitimate methods to reduce tax liabilities for their clients, while companies must consider the long-term consequences of their tax planning strategies.… read more
From cadenalegal.com.au: The Bendel decision from the Administrative Appeals Tribunal ruled that Unpaid Present Entitlements owed to corporate beneficiaries by trusts are not classified as “loans” under Division 7A of the Income Tax Assessment Act 1936, challenging the Australian Taxation Office’s (ATO) previous interpretation.… read more
From cadenalegal.com.au: Tokenisation of real estate in Australia involves converting ownership interests into digital tokens on a blockchain, promising benefits like increased liquidity and fractional ownership.… read more
From www.pwc.com.au: Fringe Benefits Tax (FBT) returns must be prepared for the current FBT year, which runs from April 1 to March 31 with due dates for lodgement set for May 21 and June 25 for electronic submissions.… read more