ATO Called Out on Draft Car Parking FBT Ruling

The professional accounting bodies have called on the ATO to withdraw its draft car parking fringe benefits taxation ruling, arguing that it would capture regional employers and slug an extra $1.6 million in FBT costs to current taxpayers. Late last year, the ATO released draft taxation ruling 2019/D5, detailing conditions considered as providing a car parking benefit.…
Read More
Family Home Living Area

Clients Warned On CGT MRE Changes: ‘Don’t be too clever’

Clients affected by changes to the main residence exemption have been urged to be “very careful” when attempting to navigate the transitional provisions, with anti-avoidance rules potentially applying. Late last year, the government passed changes that would deny non-residents the CGT main residence exemption for CGT events that happen on or after 9 May 2017,…
Read More
picture of a family home with toys on the floor

CGT and the family home: expats and foreigners excluded from tax exemption

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points ·       Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 ·       Transitional…
Read More
Construction builder on Site

News | Changes to Security of Payments Legislation for Building and Construction Industry

People involved in the building and construction industry need to be aware of changes to security of payments legislation that have come in force. This legislation does not apply only to tradies, builders and developers but also to professions including architects, surveyors, and building engineers. The Building and Construction Industry Security of Payment Amendment Act…
Read More
Small Business Affected by Bushfires

Government Announced New Small Business Bushfire Support Package

The government has announced a new small business bushfire support package in the form of grants, low-interest loans, and the extension of lodgment deferrals. Announced today, small businesses impacted by the bushfires will be afforded up to $50,000 in tax-free grants and loans of up to $500,000 for businesses that have “suffered significant asset loss…
Read More