Section 99B - Benefits from Non-Resident Trusts The ATO has updated its guidance on the functions of section 99B of the ITAA 1936. Section 99B ensures that payments made to a beneficiary who has been an Australian resident during the relevant income year are taxed...
The ATO has issued a reminder to trustees about important considerations for making Family Trust Elections (FTE) and Interposed Entity Elections (IEE). An FTE makes the trust a "family trust" for tax purposes, but it must pass the family control test. The election...
Community Charity Guidelines The Treasury has released the exposure draft of the Taxation Administration Guidelines 2024, with responses due by 3 December 2024. These guidelines apply to deductible gift recipients (DGRs) within the new community charity category and...
Understanding and assessing your company’s financial situation is an essential aspect of effective business management. Working capital is a crucial aspect, which provides you with a clear picture of your business’s financial situation. Now, the question arises: How...
The Fair Work Commission has ruled that a Philippines-based "independent contractor" was, in fact, an employee who was unfairly dismissed by her Australian employer. You might wonder how a foreign national residing in the Philippines, who had an "independent...
The holiday season presents both opportunities and challenges for businesses. While the cost of living has eased slightly, consumers continue to feel financial pressure, particularly due to rising mortgage payments and higher service costs. Effective strategic...
Tax accounting is a crucial part of finance that involves the preparation, analysis, and lodgment of taxes. Both businesses and individuals must follow tax accounting principles, which are regulated by the Australian Tax Office (ATO). If you are unsure about your...
Managing capital gains tax is a challenging and complex task, requiring expertise and knowledge. If you don’t know how to deal with capital gains tax, you should get assistance. The accountants in Melbourne aim to simplify the process for you and ensure that you meet...
The taxes you need to register for depend on the nature of your business. Some taxes apply to all businesses, while others may be mandatory based on factors like size, type, and revenue. There are also optional taxes that, while not required, can help streamline the...
Legislation Super contributions on paid parental leave On 1 October 2024, the Paid Parental Leave Amendment Bill 2024 received Royal Assent. The Bill amends the Paid Parental Leave Act 2010 by adding superannuation contributions to paid parental leave under the...