Tax Planning Archives - Page 4 of 5 - Salisbury Accountants

Support measures to assist those affected by COVID-19

March 12, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Options available to assist businesses impacted by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief […]

Clearance certificates

March 5, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

A clearance certificate provides certainty to purchasers regarding their withholding obligations

It confirms the withholding tax is not applicable to the transaction.

The purchaser must withhold 12.5% of the purchase price in transactions involving taxable Australian real property, or an indirect Australian real property interest that provides company title interests, with a market value of […]

Increased fuel tax credit rates

March 3, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Fuel tax credit rates increased on 3 February

Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumer price index (CPI).

Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes […]

Bushfire assistance

January 30, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

Bushfires November 2019

Devastating bushfires have been burning across large parts of New South Wales and Queensland since November 2019.

Support is available

If you’ve been impacted by these bushfires, we don’t want you to be concerned about your tax affairs. Now is the time for you, your family and community. We’ll help you sort […]

Policy details from insurers about “lifestyle assets”

January 28, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO receives five more years of policy details from insurers about “lifestyle assets” like yachts, fine art

The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

[…]

Amend your discretionary trust deed before 31 Dec 2019

December 12, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

NSW foreign duty and land tax surcharge

As a trustee of a discretionary trust we want to ensure you are aware of the State Revenue Further Amendment Bill 2019 (NSW) which was introduced before the NSW parliament on October 22, seeking to amend legislation relating to duties and land tax in NSW.

If your discretionary […]

Foreign resident CGT main residence exemption

December 9, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO treatment of amendments related to foreign resident CGT main residence exemption

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

The government had announced that […]

Housing affordability Bill introduced

November 25, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Foreign resident CGT main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

These measures were first […]

Ripples from backpacker tax case spread wide

November 20, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Backpacker tax overturned

The Federal Court has handed down a decision in that could have severe impact on the working holidaymaker scheme.

The ATO notes that the decision only applies to working holidaymakers from seven countries — Britain, Chile, Finland, Germany, Japan, Norway and Turkey.

The recent decision in Read more

Support measures to assist those affected by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Clearance certificates

It confirms the withholding tax is not applicable to the transaction.

Increased fuel tax credit rates

Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumer price index (CPI).

Bushfire assistance

Devastating bushfires have been burning across large parts of New South Wales and Queensland since November 2019.

Support is available

Policy details from insurers about “lifestyle assets”

The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

Amend your discretionary trust deed before 31 Dec 2019

As a trustee of a discretionary trust we want to ensure you are aware of the State Revenue Further Amendment Bill 2019 (NSW) which was introduced before the NSW parliament on October 22, seeking to amend legislation relating to duties and land tax in NSW.

Foreign resident CGT main residence exemption

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

Housing affordability Bill introduced

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

Ripples from backpacker tax case spread wide

The Federal Court has handed down a decision in that could have severe impact on the working holidaymaker scheme.

Stress less if you have nothing to confess

As part of the ongoing focus on closing tax gaps, the Australian Taxation Office (ATO) are scrutinising every tax return lodged and are on the lookout for incorrect claims this tax time.