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On 6 February 2019, the ATO withdrew ATO ID 2003/589 which outlined its longstanding view that a non-individual creditor could forgive a debt for reasons...

  Just when you thought that the current Tax Reform agenda was bare, the Government recently re-introduced another measure that was previously announced by the...

The ATO’s current focus area is the small business segment. One of the issues identified as a ‘high risk’ area is small businesses not having...

As you may be aware, the original instant asset write-off threshold was due to revert back from $20,000 to $1,000 effective 1 July 2019. However,...

When considering whether or not to group several entities for GST purposes, it is important to consider not just the administrative and current GST position...

The Personal Services Income (PSI) statutory rules were introduced by the Government in 2000 as an anti-avoidance measure to prevent the ‘alienation’ of an individual’s...

One of the largest costs of purchasing or restructuring a business in Western Australia is transfer duty. Western Australia is one of the few remaining...

When the trust reimbursement agreement provision of section 100A of the Income Tax Assessment Act 1936 (ITAA36) was introduced in 1978 as a specific anti-avoidance...

Over the past few years the ATO has been reviewing trust distributions made, but remaining unpaid, to beneficiaries with different tax profiles to the primary...

As the end of financial year looms closer, now is the time to review residential property development projects and determine whether there has been a...

As published in our Summer 2018 QTB, the Government released a consultation paper in October 2018 on the proposed amendments to Division 7A of the...

Why? A written trustee resolution may be required because the terms of the trust deed often specify that the trustee must put in writing the...

Support MKT Director Ben Reynolds on his mission to raise much needed funds for The Pirate Ship Foundation Ben has signed up with a team to hike...

MKT have been working with a number of Remote Area employers and local governments recently to re-design their Remuneration Policies in order to take full...

The issues and difficulties with the ‘capital v revenue’ characterisation stretch back to around the time income taxes were introduced. Since that time it has...

MKT’s 5th Annual PAN Member’s Conference will be held on Friday, 12 April 2019 at the UWA Club in Crawley. We have again assembled a...

The ATO’s recent activity in the GST space has been focussed on what they term “GST Streamlined Assurance Reviews”.  These are, in effect, comprehensive GST...

As we wrap up the first part of the reporting season for listed entities and now start on the September/October month-ends reporting for explorers, other...

This is an important question for many contractors, because if the answer is “Yes”, the contractor can be limited in what deductions they claim and...

Legislation has recently been passed by Parliament that changes the rules for accessing the reduced corporate tax rate of 27.50% for the 2018 and subsequent...

As part of the recent Federal Budget the Government has stated that they are committed to amending the rules on loans from private companies in...

The new GST withholding rules for New Residential Premises are now law and will apply from 1 July 2018 on contracts entered into after this...

New legislation is now in place to deny deductions for residential property investors on travel expenses incurred in inspecting their residential rental properties and depreciation...

There is a common misunderstanding that the tax consolidation regime is for the “big end of town”. Whilst tax consolidation does feature in the tax...

MKT’S TOP 10 THINGS YOU NEED TO KNOW ABOUT THE 2018/19 FEDERAL BUDGET Last night the Government handed down the Federal Budget for the 2018-19...

Since 1 July 2017 once a member’s superannuation balance reaches $1.6 million they are unable to make any further Non-Concessional Contributions. Furthermore, the bring forward...

In our previous QTB article, we discussed the Government’s proposed legislation for the company tax rate reduction applying from the 2017/18 income year. In this...

To counter “phoenixing“ activities in the property industry, the Government announced in the 2017-2018 Budget new GST withholding rules for purchasers of new residential premises...

Private companies often want to motivate, reward and ensure key employees stay with the business, but are often bot sure how to go about this....

2018 PAN Conference Friday 6th April 2018 The UWA Club, Crawley MKT would like to invite you to the 2018 PAN Conference exclusively for members...

We live in a more integrated world than ever before. As a result, the workforce is more globalised and increasingly more mobile. It is increasingly...

With the festive season and the 2018 new year approaching, here are a few target areas which can get you or your client onto the...

In our July and October 2017 PAN Member Tax Flashes, we noted that the Australian Taxation Office (ATO) in a footnote to the draft ruling...

We have noticed in recent times the Office of State Revenue (”OSR”), have ramped up their presence and are conducting a significant number of reviews....

Change of use in Property Developments – Are you required to repay ITC’s claimed? The ATO has been actively pursuing developers large and small for...

Would you like Priority Access to Tax Advisors that spend every day dealing with Business Tax matters? MKT Tax Advisors has been providing specialist tax...

The ATO has recently released guidance in the form of Practical Compliance Guideline PCG 2017/13 on the treatment of the 7-year sub-trust arrangements that are...

The ATO released Draft Law Companion Guideline LCG 2017/D6 on 21 July 2017. This provides guidance on the new similar business test currently proposed by...

With the changes to superannuation due to take effect on 1 July 2017 there are several things that Trustee’s will need to ensure occurs by...

As you may be aware, trustees are required to have made their 2017 resolutions to distribute trust income on or before 30 June 2017. It...

There are two significant changes for non-residents doing business in Australia or supplying goods or services online to Australian consumers. From 1 July 2017 (pending...

On 26 April 2017, the Commissioner released Taxation Determination TD 2017/11, which outlines that for income tax purposes, interest income on a bank account is...

Individuals will be able to make voluntary contributions into their superannuation of up to $15,000 per year and $30,000 in total, to be withdrawn subsequently...

The Temporary Budget Deficit Levy of 2% will end effective 1 July 2017. However, the Government will increase the Medicare Levy from the current rate...

There are some adverse changes to foreign and temporary residents in the Budget. First, individuals who are foreign and temporary tax residents will no longer...

The CGT discount will be increased from 50% to 60% for Australian resident individuals investing in qualifying affordable housing from 1 January 2018. The conditions...

The claim on depreciation for plant and equipment will be limited to outlays actually incurred by investors in residential real estate properties from 1 July...

Finally, and technically number 11, whilst this measure will not directly impact our clients, how the 5 major banks seek to pass on this levy...

MKT’S TOP 10 THINGS YOU NEED TO KNOW ABOUT THE FEDERAL BUDGET Last night the Government handed down the Federal Budget for the 2017-18 year....

LRBAs included in super balance and transfer balance cap The use of limited recourse borrowing arrangements (LRBAs) will be included in a member’s total superannuation...

Purchasers of newly constructed residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of settlement from...

An integrity measure will be introduced by the Government to ensure that the concessions can only be accessed in relation to assets used in a...

The Government will extend the current $20,000 immediate write-off of depreciating assets for Small Business Entities (‘SBEs’) for another 12 months. The threshold amount was...

Travel expenses incurred on inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017. This integrity measure is...

AFSL Number 485223 With the changes to superannuation due to take effect on July 1, 2017 there is still much confusion amongst advisers and SMSF...

It is increasingly common for small businesses to set-up and run a commercial website to promote their businesses. The question that may invariably arise is...

In A & A Property Developers Pty Ltd v MCCA Asset Management Ltd [2016] VSC 653, the Supreme Court of Victoria has found that GST...

There are a number of tax issues facing SME’s over the next 18 months that will need to be considered and planned for.  We believe...

2017 PAN Conference Friday 7th April 2017 The UWA Club, Crawley MKT would like to invite you to the 2017 PAN Conference exclusively for members...

In AAT Case FKYL v FCT [2016] AATA 810 the Tribunal held that the properties where held for the dual purposes of leasing and the...

For a number of years we have been pushing our own HWI clients and private groups to start the conversation on considering their Estate Plan...

The Government have finally passed its changes to the superannuation system, so now as advisers we are finally able to with some certainty assist our...

The Australian Taxation Office (“ATO”) is showing increasing interest in understanding how taxpayers introduce and follow good corporate tax governance within their business.  In their...

The ATO is currently focused on auditing input tax credits (ITCs) claimed on financial supplies. Financial supplies are input-taxed sales and do not have GST...

When you engage an individual as a contractor you may find that the individual is considered to be an employee at law, and this brings...

Last week the Federal Government introduced legislation into Parliament to give effect to its Enterprise Tax Plan, announced earlier in this year’s Federal Budget. Whilst...

Most trusts have a limited life. When a trust comes to an end, it is said that the trust vests. The Australian Taxation Office (‘ATO’)...

The “accountants’ exemption” was removed from 30th June 2016 and this also represented the end of the 3 year transition period for Accountants to apply...

As you may be aware, trustees are required to have made their 2016 resolutions to distribute trust income on or before 30 June 2016. It...

With the changes to contribution caps announced in the recent May Federal Budget, building large balances and getting a family SMSF involved in investment projects...

For small business entities operating in a company structure, the reduced corporate tax rate of 28.5% will apply for the 2015-16 financial year. To be...

by Damian O’Connor BA LLB (Hons), Chartered Tax Adviser – Solicitor tax + law Onus/Burden of Proof – section 14ZZK & 14ZZ0 Taxation Administration Act...

The new Small Business Restructure Rollover (SBRR) applies from 1 July 2016 and its object is to provide greater flexibility for small business owners to...

The ATO has been forced by a recent Federal Court decision to withdraw Tax Determination TD 2014/21 on the timing of the taxation of employee...

To date Registered with CPA Pro Bono Registered with Good Company Registered and donation made to Impact100WA Donation made to the Smith Family Christmas Appeal Matched...

We were promised tax reform….   Last night’s Federal Budget had promised tax reform but all we got was more tinkering to an increasingly complex...

MKT are delighted to announce that the 2016 PAN Conference which is exclusive to Premium Accountants Network members will take place on Wednesday 20th April...

Although this may be seen by some as old news, the Board of Taxation’s review of Division 7A was released by the Government in June...

As part of the 2015 Federal Budget announcement, the Government announced that it would introduce a rollover relief for small businesses wanting to change their...

The Federal Government previously announced that all tax policy will be reviewed to rein in the budget deficit. Items such as superannuation, taxation of multinationals...

MKT are proud to announce the launch of our Charity and Community Program. At MKT, we are privileged to enjoy a safe and happy workplace...

The costs (such as food and drink) associated with Christmas parties are exempt from FBT if they are provided on a working day on a...

Following the 2015 Federal Budget announcement, the Government has recently introduced draft legislation to broaden the availability of roll-over relief for small businesses. The proposed...

In late October 2015 the ATO released a draft ruling on mining and petroleum exploration deductions, TR 2015/D4. A long time in the making, the...

If an employer is late making the required amount of super contributions to an employee, the employer is liable for the super guarantee charge (SGC),...

The Capital Gain Tax (‘CGT’) Small Business concessions are one of the most generous income tax concessions available to small business owners. To access the...

Rio Tinto Services Ltd v FCT On 24 August 2015, the Full Federal Court dismissed Rio Tinto Services Ltd’s (Rio Tinto) appeal against the decision...

The current Accountant’s exemption is due to run out in 9 months’ time meaning practices have now got a very limited timeframe with which to...

Estate Planning is often just ensuring that your client’s Will remains relevant and effective when it is needed. No doubt you and your Client’s lawyer...

An earnout arrangement is an arrangement whereby as part of the sale of a business, the buyer and seller agree that subsequent financial benefits (e.g....

We have noticed a marked increase in the ATO’s enforcement activity in recent months in collecting unpaid taxes.  We have also seen an increase if...

The Government’s cornerstone measures from this year’s Federal Budget are the raft of changes to businesses that qualify as a Small Business Entity (SBE). The...

Amendments made to the tax law in 2011 detailing how trustees can distribute certain income, specifically franked distributions and capital gains to beneficiaries, as well...

Legislation changing the ESS tax rules for the better is currently before the Senate.  If enacted, the revised rules will apply from 1 July 2015....

Can the Commissioner recover unpaid GST where he has been notified of an Entitlement to refund for the same tax period? In ATO interpretive decision...

In September 2014, the ATO released “guidelines” entitled “Assessing the risk: Allocation of Profits within Professional Firms”. In the guidelines, the ATO defines professional firms...

Where a taxpayer has made business losses in the course of carrying on a business as a sole trader or partnership, the taxpayer must pass...

The Australian Taxation Office has declared that they will be targeting the Self-Managed Superannuation Funds sector with increasing reviews into compliance. The Tax Office will...

Legislation extending the current land tax exemption for primary producers in WA has been passed by the WA Legislative Council and now awaits assent. The...