Category Archives: Tax

Can the tax office take money out of your account? Your right to know

Can the tax office take money out of your account? Your right to know

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ATO have?  The ATO is one of the most powerful institutions […]

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Calculating Super Guarantee: The new rules

Calculating Super Guarantee: The new rules

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.  Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must […]

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Vacant land deduction changes hit ‘Mum & Dad’ property developments

Vacant land deduction changes hit ‘Mum & Dad’ property developments

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.  Previously, if you bought vacant land with the intent to build a rental property on it, you may have been able to claim tax deductions for expenses incurred in holding […]

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CGT and the family home: expats and foreigners targeted again

CGT and the family home: expats and foreigners targeted again

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.  Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were […]

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Tax alert: Distributions to non-resident beneficiaries

Tax alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.  Two new determinations released by the ATO deal with the complex and technical issues that arise when a resident discretionary trust makes a distribution of capital […]

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