If your income and concessional super contributions exceed that total of $250,000, you need to check if you are required to pay Division 293 tax. To know whether you need to pay division 293 tax, you must read this blog. What is Div 293 Tax? Div 293 tax is an...
Do you want to apply for a tax file number? TFN is an important step in managing your taxes in Australia. Here's a simple guide on how to apply for a TFN. Based on your circumstances, there are two main ways to apply for a TFN online and by paper. The method you...
There was a parliament sitting between 31 July 2023 and 10 August 2023. There was no new tax-related legislation announced and no essential developments that were previously before parliament. The next sitting will be conducted between 4 and 14 September 2023....
LCT and Determinations of the Principal Purpose of a Vehicle The Australian Taxation Office (ATO) has released a conclusive decision regarding the luxury car tax (LCT) scheme, which clarifies the method for determining a vehicle's primary intent. LCT may be applicable...
Today’s blog will outline some essential deductions for Australian income investment and frank distributions. If your trust received a dividend from a LIC directly and it included the LIC capital gain amount, you are allowed to claim a deduction of 50% of the LIC...
Have you owned a property in Australia, and are you wondering about your eligibility for this exemption? If yes, you must read this blog. Continue reading this blog to know the conditions and eligibility requirements to check if you qualify for the main residence...
Parliament sits between July 31, 2023, and August 10, 2023. Simplifying Fuel & Alcool Excise Compliance Amongst other things, the Treasury Laws Amendment Bill 2023 introduces the 2022-23 Budget measures to simplify fuel and alcohol excise compliance. The Bill was...
Small Scale Subdivision Projects The guidance has been released by the ATO to determine the tax treatment of property subdivision activities, both from a GST perspective and an income tax perspective. The guides make a helpful and practical addition to some of the...
The Proposed ‘Bright Line’ Individual Residency Tests A consultation paper has been released by the treasury on proposed reforms to the individual residency rules. If legislated, a simple ‘bright line’ test would be introduced by the proposal and would ensure that an...
Before understanding low-income tax offsets and low and middle-income tax offsets, it is essential to first understand tax offsets. The blog will cover each aspect related to tax offset. Let’s dive right in: What is a Tax Offset? A tax offset is also called a tax...