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...
Congratulations to – Jus – who won Round 23’s Corporate Footy Tipping Comp with a score of 9 and a round margin of 14! In second place...
Congratulations to Jaysen Miguel who won Round 23’s Accountants Footy Tipping Comp with a score of 9 and a round margin of 6! In second place was Joe...
Congratulations to Justin McGovern who won Round 22’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 40! In second place...
Congratulations to Aida T who won Round 22’s Corporate Footy Tipping Comp with a score of 9 and a round margin of 42! In second place...
Congratulations to Mighty Hawk who won Round 21’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 47! In second place...
Congratulations to Jaysen Miguel who won Round 21’s Accountants Footy Tipping Comp with a score of 9 and a round margin of 45! In second place...
Congratulations to Ben B who won Round 20’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 7! In second place was Freo2Fold...
Congratulations to Hutcho who won Round 20’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 9! In second place was JamesM...
Congratulations to Phillip who won Round 19’s Accountants Footy Tipping Comp with a score of 9 and a round margin of 6! In second place was George Young with...
Congratulations to Rhea who won Round 19’s Corporate Footy Tipping Comp with a score of 9 and a round margin of 17! In second place was Jamie with a...
Congratulations to Steve P who won Round 18’s Corporate Footy Tipping Comp with a score of 7 and a round margin of 16! In second place was Donny Boy with a...
Congratulations to Phillip who won Round 18’s Accountants Footy Tipping Comp with a score of 7 and a round margin of 41! In second place was Kim Wallman with a...
2019 September Case Study – Tax Concessions for Small Business Entities including Base Rate Entities
Qualifying as a Small Business Entity (SBE) enables an entity to access a range of tax, CGT and GST concessions that are not available to...
Congratulations to Brett & Liam who won Round 17’s Corporate Footy Tipping Comp with a score of 7 and a round margin of 16! In second place was – Jus...
Congratulations to The Bean Counters who won Round 17’s Accountants Footy Tipping Comp with a score of 7 and a round margin of 2! In second place was BIRDMAN with...
Congratulations to Demon Diehard who won Round 16’s Corporate Footy Tipping Comp with a score of 6 and a round margin of 37! In second place was Justin McGovern...
Congratulations to RCPetto who won Round 16’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 9! In second place was Mel J with a...
Congratulations to The Bombres who won Round 15’s Corporate Footy Tipping Comp with a score of 5 and a round margin of 2! In second place was...
Congratulations to Graeme Pickrell who won Round 15’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 3! In second place was The Bean...
Congratulations to Freo2Fold who won Round 14’s Corporate Footy Tipping Comp with a score of 6 and a round margin of 5! In second place was Justin...
Congratulations to The Bean Counters who won Round 14’s Accountants Footy Tipping Comp with a score of 5 and a round margin of 0! In second...
Congratulations to George who won Round 13’s Corporate Footy Tipping Comp with a score of 6 and a round margin of 1! In second place was Tommy C with...
Congratulations to Sergio who won Round 13’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 7! In second place was Anna Bananna with a...
Congratulations to Justin McGovern who won Round 12’s Corporate Footy Tipping Comp with a score of 5 and a round margin of 84! In second place was Demon Diehard with a...
Congratulations to Glenn Crosbie who won Round 12’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 62! In second place was Ian Moffat with a score...
Congratulations to The Rav who won Round 11’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 62! In second place was Ian Moffat with a...
Congratulations to Johnathon – Everest Accounting who won Round 11’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 22! In second place was JamesM with a...
Congratulations to Nic who won Round 10’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 7! In second place was Jamie with a score of 8...
Congratulations to IB who won Round 10’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 2! In second place was Nic with a score of 8...
Congratulations to MandyB who won Round 9’s Corporate Footy Tipping Comp with a score of 9 and a round margin of 11! In second place was Aida T with a score...
Congratulations to Here for the Beer who won Round 9’s Accountants Footy Tipping Comp with a score of 9 and a round margin of 6! In second place was Michael Pudney with a...
The end of each financial year requires Accountants to consider their client’s Trusts and advise clients on distributions to be made to beneficiaries at year...
Congratulations to Dave Mc who won Round 8’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 3! In second place was Jamie with a score...
Congratulations to IB who won Round 8’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 9! In second place was Todd with a score of 7 and...
Congratulations to Ben B who won Round 7’s Corporate Footy Tipping Comp with a score of 8 and a round margin of 10! In second place was Rod W with a...
Congratulations to Big Dog who won Round 7’s Accountants Footy Tipping Comp with a score of 8 and a round margin of 22! In second place was Nick with a score of 8...
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...
Congratulations to Justin McGovern who won Round 6’s Corporate Footy Tipping Comp with a score of 9 and a round margin of 11! In second place was Mighty Hawk with a...
Congratulations to IB who won Round 6’s Accountants Footy Tipping Comp with a score of 9 and a round margin of 1! In second place was Justin McGovern with a score of 9...
Congratulations to Nic who won Round 5’s Corporate Footy Tipping Comp with a score of 7 and a round margin of 62! In second place was Terry Ball who also...
Congratulations to Nic who won Round 5’s Accountants Footy Tipping Comp with a score of 7 and a round margin of 62! In second place was George Young with a score...
Congratulations to Ben B who won Round 4’s Corporate Footy Tipping Comp with a score of 5 and a round margin of 7! In second place was Old East with a...
Congratulations to Johnathon – Everest Accounting who won Round 4’s Accountants Footy Tipping Comp with a score of 7 and a margin of 7! In second place was Andrew Counsel who had...
Congratulations to Courtney who won Round 3’s Corporate Footy Tipping Comp with a score of 7 and a round margin of 24! In second place was Geoff James with a...
Congratulations to Gary Day who won Round 3’s Accountants Footy Tipping Comp with a score of 7 and a margin of 1! In second place was The...
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...
Congratulations to The Bean Counters who won Round 2’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 20! In second place was Gary Broomhall...
Congratulations to Khaynes who won Round 2’s Corporate Footy Tipping Comp with a score of 7 and a round margin of 39! In second place was Dave...
Congratulations to Yeldep who won Round 1’s Accountants Footy Tipping Comp with a score of 6 and a round margin of 6! In second place was Jeffree...
Congratulations to Khaynes who won Round 1’s Corporate Footy Tipping Comp with a score of 6 and a round margin of 18! In second place...
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...
Whether a profit is on capital or revenue account can have material implications for your client, not only whether the CGT discount can be used,...
Debt Forgiveness Q: A client’s trust borrowed money from a related party but has since made losses to the point where the trust has no...
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...
Q: Is a SMSF able to claim reduced input tax credits on tax and audit fees incurred? A: From 1 July 2012, a new reduced...
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...
SMSF’s and claiming reduced input tax credits Q: Given that a superannuation fund will predominantly make financial supplies (that is, the provision of an interest...
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....
Selling solar energy in your Superannuation Fund Q: My client has a property owned by their family trust being rented to a related party. Can...
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....
GST and entitlement to input tax credits Q: Can you claim the goods and services tax (GST) included in the purchase price of a motor...
Dividends/Loans and Payroll Tax Q: Can payments made to shareholders by way of dividends (rather than salaries or wages) be subject to Payroll Tax in...
GST and Internet Supply Q: Are you liable to pay GST on the sale of the computer software downloaded from the Internet by the purchaser?...
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...
Is this the “Sale of New Residential Premises”? A block of land contains a residential building. The block of land, together with the residential building,...
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...
Would the sale of Guns be considered a “Collectable” for CGT Purposes? Q: A client intends to sell four guns he has held for a...
Land Tax Planning Q: I have been told that if I sell a 1% interest in a property I own, it won’t be aggregated with...
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...
Tax Concessions for New Zealand Citizens Living in Australia Q: Is a New Zealand citizen who has lived in Australia after 26 February 2001 a...
FBT and Division 7A on Vehicles in a Trust Q: My client is the trustee of his discretionary trust that carries on various investment activities...
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...
Subcontractors Using Entities and Superannuation Guarantee (SG) Contributions Q: Is an employer required to pay SG contributions to subcontractors operating from companies or trusts? A:...
Forgiveness of Unpaid Present Entitlements (UPE’s) Q: What are the tax implications of forgiving Unpaid Present Entitlements by the beneficiaries of a discretionary trust? A: The beneficiaries...
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...
Superannuation Fund Contributions Q: What types of assets can I contribute to my superannuation fund? A: If you have a self-managed superannuation fund (SMSF), then...
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...