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As you are aware, the Treasury released its Consultation Paper in October 2018 containing its recommendations for a raft of amendments to the Division 7A...

In a recent development in this area, the Full Federal Court in Greig v FCT [2020] FCAFC 25 allowed the taxpayer’s appeal and held that...

MKT would like to invite you to our training session on JobKeeper 2.0 where Mr. Gaurav Chitnis, Tax Principal, will discuss the proposed changes in...

After a series of changes to the Jobkeeper Rules and updated guidance from the ATO, there appears now to be some level of certainty on...

Trustees are required to have made their 2020 resolutions to distribute trust income on or before 30 June 2020, subject to their respective Trust Deed....

Lloyd v Belconnen Lakeview Pty Ltd (No 2)[2020] On 14 May 2020 the Federal Court, Lee J, in Lloyd v Belconnen Lakeview Pty Ltd (No 2) [2020] FCA...

As the JobKeeper enrolment due date for the months of April and May 2020 ended on 31 May 2020, most practitioners are now comfortable with...

As part of the Federal Government’s first phase of the stimulus package for the economy, businesses with an “aggregated turnover” of less than $500 million...

The capital vs revenue distinction remains a murky area to navigate, however the recent decisions in Greig v FCT provides some guidance on the factors...

The Prime Minister released details of the second round of the Government’s economic plan to combat the impact of the coronavirus outbreak. The new economic...

As you may know, trustees of discretionary trusts who wish to make beneficiaries presently entitled to trust income for an income year are required to...

This morning, the Morrison Government announced a $17.6 billion economic stimulus package to support Australian businesses as we are dealing with the significant challenges posed...

The current director penalty regime allows the Commissioner to recover unpaid superannuation guarantee (SG) charge, PAYG withholding for directors of a company. From 1 April...

Can a Vacant Block of Land be an Active Asset for the Purposes of Accessing the Small Business CGT Concessions? One of the basic conditions...

Fringe Benefits Tax (FBT) is a tax imposed on employers if they provide non-cash/fringe benefits to their employees. Commonly provided fringe benefits that may attract...

2020 MKT’s Tax & GST Fundamentals MKT’s 2020 Tax & GST Fundamentals is ideal for firms seeking to provide their aspiring tax professionals with a...

MKT would like to invite you to our one-off Tax Training session on FBT issues facing Small and Medium-sized Enterprises (SMEs). In this session, we will discuss: Identifying...

Limiting Deductions for Vacant Land New legislation has now been enacted by the Parliament to deny deductions for losses or outgoings incurred to the extent...

A testamentary trust is a trust created by a Will and arises upon the death of a testator. The use of a testamentary trust as...

On 16 October 2019, the High Court in FCT v Sharpcan Pty Ltd unanimously allowed the ATO’s appeal disallowing the deductibility for payments made to...

Armed with a financial boost from the Morrison Government, the ATO are hiring 200 more auditors to target Australia’s Top 500 privately held companies, Top...

If your initial thought when reading a headline stating “Changes to WA Pay-Roll Tax” was…What now?! What will be the negative impact on my business?...

The re-introduced legislation to remove the Capital Gains Tax (CGT) main residence exemption for foreign residents has been passed by the Parliament on 5 December...

As you are aware, the Government increased the instant asset write off threshold from $25,000 to $30,000 for assets first used or installed ready for...

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...

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...

FBT and Uber The Australian Taxation Office (ATO) issued on 27 September 2017 discussion paper TDP 2017/2 to seek consultation on its application of the...

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...

It is no secret that the rules on the various Capital Gains Tax (CGT) concessions and roll-overs are notoriously complex. However, in our experience, it...

In our July 2018 Tax Flash, we discussed a Tribunal case where the taxpayer was unsuccessful in arguing that (mostly vacant) land was an “active...

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...

Keeping your private group clients for the life of your firm: In public practice we have a wide variety of clients. There are those who...

Expat a Non-Resident – Permanent Place of Abode Outside Australia The Full Court in Harding v FCT [2019] FCAFC 29, Full Federal Court, Logan, Davies...

Tips and Traps in Working Out a Company’s Imputation Credits In our Spring 2018 Quarterly Tax Bulletin, we discussed the new rules on the reduced...

Trust Reimbursement Agreement – A Dark Cloud Looming? Section 100A of the Income Tax Assessment Act 1936 was introduced in 1979 as a specific anti-avoidance...

In our October 2018 Tax Flash, we discussed a recent Federal Court case where a taxpayer unsuccessfully challenged the Commissioner of Taxation’s decision to deny...

New Rules on the Reduced Corporate Tax Rate Legislation has recently been passed by Parliament that changes the rules for accessing the reduced corporate tax...

New Rules for Residential Property Investors; GST Collected at Settlement for New Residential Premises and New Developed Land; Changes Proposed for Private Company Loans; Tax...

Company Tax Rate Reduction for the 2015/2016 and 2016/2017 Years; Start-Up ESS Concessions; Property Industry Alert! – New GST Withholding Rules; Challenges in owning property...

Breaking Australian Residency for Tax Purposes; Passive Investment Companies and the Lower Tax Rate – Take 3!; Payroll Tax – The often forgotten but painful...

Sub-trust arrangements maturing 2018; The Business Continuity Test – Carrying on a similar Business; ATO Audit Alert – Change of use in Property Developments –...

Who should be assessed to interest on bank accounts?; Countdown is on to new Superannuation landscape; 2017 MKT Trustee Resolutions; GST on International Supplies of...

Two SME hot spots; Claiming Deductions for Commercial Website Expenditure; Property Contracts and GST; Accountants Guide to Changes in Superannuation; MKT Case Study; Premium Accountants...

Superannuation Measures now Law; GST Dual Purpose; New Years Resolution; Mkt Webinar; MKT Christmas Message   Download Here

Employee v Contractor – What if I get it wrong?; Small Business Entity Changes Introduced; Tax consequences of Trust Vesting; ATO Audit Alert; Working in...

Tax Disputes – Rule Number #1; Building Superannuation Balances post the Federal Budget; Reduced Corporate Tax Rate for Small Businesses; The New Small Business Restructure...

Small Business Restructure Rollover Relief; Tax Planning in March?; GST Audit Alert: Selling residential property that has been rented; Proposed changes to Division 7A –...

Proposed small business restructure roll-over relief; What does the ATO do if you are late paying your employees super?; Tax and the Christmas party; The...

When was the last time you reviewed your clients will?; Determining market value for the CGT small business concessions; Rio Tinto loses appeal in claiming...

Small Business Measures from the Federal Budget; CGT Treatment of Earnout Arrangements; Welcome changes to Employee Share Scheme (ESS’) tax rules; Clients with ATO Debts;...

ATO puts the spotlight on Professional Firms; WA Land Tax – Changes to the Primary Production Exemption; Non-Commercial Business Losses and the Commissioners Discretion; SMSF...

Taking money from your private company- Correcting Division 7A mistakes; cents per kilometre rate considered a travel allowance; penalties under new ATO penalty regime for...

Tax shock on marriage breakdown (part 2); ATO and rental properties; Data matching program for banks; MKT’s Premium Accountants Network Download Here

Trustee’s must resolve to distribute 2014 trust income by 30 June ; 2014 Tax Planning for the budget deficit levy ; Reverse charge mechanism to...

Am I Operating my Business from the Right Structure? ; Proposed Restrictions to GST Refunds ; CGT Events occurred on transfer of land pursuant to...

Abolition of the Small Business Asset Write-off ; Tax Shock on Marriage Breakdown ; Tax and your Christmas Party ; Recent Development affecting Contribution Strategies...

What a Coalition Government means for Small Business Taxpayers ; Amendment Period for Individual Beneficiaries ; Market Value and Small Business CGT Concessions ; Time...

Trustee’s Must Resolve to Distribute 2013 Trust Income by 30 June ; Be Prepared: ATO Reviews and Audits ; Another Loss on Non-commercial Losses ;...

Loss Carry Back Rules Announced ; A Legal Document Costs A Taxpayer His CGT Small Business Concessions! ; No CGT Discount for Non-Residents ; GST...

Do You Need to Amend Your Trust Deed? ; Am I A Share Trader? ; Amendments to Revenue Asset & Trading Stock Roll-Overs Download Here

“Who is under the ATO’s microscope?” ; “$4 million tax free gain for Mum & Dad” ; Director Penalty Notices Extended Download Here

Should the Commissioner have allowed Streaming? ; Personal Services Income (‘PSI’) Rules – Unrelated Clients Test and Business Premises Test failed ; Administrative Penalties:Voluntary Disclosures...

2012 Trust Distributions – the ATO is watching! ; FBT Update – What is new in 2012? ; Commissioner’s Power to Withhold GST refunds Download...

Chaning the Wa Trust Income is Taxed ; Division 7A – Commissioner’s Discretion to Disregard Deemed Divident ; Government short of cash! Watch out if...