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...
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...