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Jun 07, 2024 / News
Not-for-profits | New self-review return due 31 October – Part 2
Not-for-profit (NFP) entities that are not ACNC-registered charities are now required to lodge an annual self-review return, re-affirming their eligibility to self-assess as income tax exempt. In Part 1 of this article, we previously explained which NFPs are required to lodge the self-review return, and which are not. In Part 2, we now take you through the set-up process and return preparation. Read more
Jan 29, 2024 / News
Modified Stage 3 tax cuts – Bonus tax saving if you act before 1 July?
The Stage 3 tax cuts that take effect from 1 July 2024 seem to be the tax world’s Barbenheimer – widely anticipated with much fanfare, whilst also sparking some different opinions. Read more
Dec 18, 2023 / News
Everyone selling land must now get an ATO clearance certificate
Last week the Government released the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO), which contained 2 tax changes worth noting. Here we have outlined these changes so you can understand what they mean to ensure you are ready for what’s next. Read more
Sep 06, 2023 / News
South Australia’s Payroll Tax Amnesty for Medical Practices – time is almost up!
In recent years two key cases (Commissioner of State Revenue (Vic) v The Optical Superstore Pty Ltd; and Thomas and Naaz Pty Ltd v Chief Commissioner of State Revenue) have garnered significant attention in the health and medical field. As a result of the rulings in these cases, health and medical practices nationwide are at risk of incurring significant payroll tax liabilities on certain contractor arrangements. Read more
Jun 08, 2023 / News
Save Time with our Tax Return Checklists - 2023
Nexia Edwards Marshall has prepared a tax return checklist to assist Individuals with the compilation of information for the preparation of their income tax return. Read more
Jun 02, 2023 / News
Ensuring you are in the best possible tax health by 30 June 2023
With 30 June approaching, this article draws your attention to year-end tax planning strategies and compliance issues you need to consider to ensure you are in the best possible tax health. Read more
Mar 17, 2023 / News
FBT-exempt electric cars - For employers
As an employer, you are liable for Fringe Benefits Tax (FBT) on certain benefits provided to your employees and related parties. Some benefits are expressly exempt from FBT, and from 1 July 2022 that includes certain electric cars. This is now a differentiating factor when making decisions on acquiring cars in your business – petrol, electric or hybrid? Read more
Mar 17, 2023 / News
FBT-exempt electric cars - For employees
Your employer is liable for Fringe Benefits Tax (FBT) on certain benefits provided to you and related parties. Some benefits are expressly exempt from FBT, and from 1 July 2022 that includes certain electric cars. If you package a car as part of your remuneration, this is now a differentiating factor when it comes time to change cars – petrol, electric or hybrid? Read more
Mar 08, 2023 / News
We need to talk about your kids
Last year, we covered the re-emergence of interest in a particular set of anti-avoidance rules applying to trusts. Section 100A in the tax law targeted promoted “trust stripping” schemes in the 1970s used by a relatively small number of wealthy people. However, trusts are now widely used such that anyone with a trust is capable of offending section 100A, and the Australian Taxation Office (ATO) has commenced a program of review. Accordingly, you ought to give attention to this ahead of making the required trust income appointment decisions by this 30 June. Read more
Dec 21, 2022 / News
Anti-avoidance laws for trusts – the ATO listened
The ATO recently finalised two pronouncements in relation to their views and compliance approach for a key set of laws targeting tax avoidance through trusts. Elements of the draft versions released earlier this year were somewhat impractical, and out of step with other integrity laws enacted in recent decades. Read more
