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Emma Zajac
291 posts

The ATO’s Attack on Trusts and Trust Distributions

Emma Zajac
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Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family Trust Beneficiaries at Risk The tax legislation contains an integrity rule, section…
ATO launches campaign to target tax withholding on overseas royalties

ATO Launches Campaign to Target Tax Withholding on Overseas Royalties

Emma Zajac
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ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties. The ATO’s International Risk for Private Groups Program has launched a campaign focusing on non-resident withholding tax relating to royalty expenses paid overseas for the 2019 and 2020 income years. Taxpayers who have paid royalties to a non-resident…
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.

PCR and RAT tests to be tax deductible, FBT free

Emma Zajac
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The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax deductible,…
Professional Services Firm Profits Guidance Finalised

Professional Services Firm Profits Guidance Finalised

Emma Zajac
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The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow through to individual practitioners and their related parties. The…
$1bn Small Business Support Package

NSW Governments announces $1bn support package for struggling NSW Small Businesses

Emma Zajac
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The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022. Releasing the package, the NSW Treasurer said, “household balance sheets…
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