Accountants Daily - News and analysis for accounting professionals
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Main residence exemption myths and misconceptions
When it comes to taxation, the family home is sacred. It is often the largest asset a taxpayer will own, and we all know that the family home is exempt from capital gains tax (CGT).This perception has caused many governments to remain gun shy about making changes that would lessen the generous concession available to homeowners; the main residence exemption (MRE).
How Div 7A changes the game for companies and trusts
The Determination describes when a private company (company) provides financial accommodation within the meaning of section 109D(3) of the Income Tax Assessment Act 1936 where that company is made presently entitled to a share of the income of a trust (trust income) and either: that entitlement remains unpaid (a UPE); or; the trustee sets aside an amount from the main trust and holds it on a ...
Small Business Tax Concessions: Tips & Traps on Sale of Business ...
Feb 4, 2020 · Promoted by AustralianBiz. There are significant tax savings to be made when selling a business, or selling your ownership interest in an entity carrying on a business, where the small business capital gains tax (CGT) concessions …
ACE24 Accounting Conference Expo - Home - Accountants Daily
George has 35 years financial services experience in senior executive roles, managing some of the country's largest and most successful financial advisory business, including; Perpetual Private Clients, Head of Advice & Investments at ANZ Private Bank, Managing Director of RetireInvest, Principal of Mercer Global Consulting and managed Sealcorps advice business Securitor, as …
Plumbing business wins appeal in super guarantee charge case
Oct 3, 2024 · In a recent decision, The Trustee for the Peter Hatfield Trust and Commissioner of Taxation, the Administrator Appeals Tribunal found that a plumber engaged by a plumbing business, Peter Hatfield Plumbing, was a contractor and not an employee of the business. The case concerned notices of assessment of superannuation guarantee charge (SGC) issued to the plumbing business by the ATO.
Rightsizing regulation report calls for ‘crucial’ SME consideration
A new report by the NSW Small Business Commissioner identified opportunities to ensure small business perspectives were accounted for during rightsizing regulation.
Are you the ‘average accountant’? Census data gives up its secrets
Nov 11, 2022 · The future is female. Over the past 15 years, we have seen a steady increase in the proportion of female accountants. Since 2006, the percentage of female accountants has consistently been higher than the overall percentage of all female workers.
Where have all the accountants gone? | Accountants Daily
Sep 3, 2022 · As shown in previous Benchmarking research, this is primarily due to the automation of accounting administration and ease of online bookkeeping software such as Xero and MYOB.This labour shift is not unique to the accounting industry; it’s consistent across all industries in Australia. As well as most developed economies.
Christmas Parties and Gifts to Staff: Tax Issues for Businesses
Christmas party held off the business premises: Scenario: Tax implications: Current employees only attend at a cost of $195 per person: No FBT as the cost is less than $300 per head (where the minor benefits exemption applies).