Purchased Leave

James Murphy Tax

Question: I would like to know how purchased leave works. Could you please help with this? Specifically, I would like to know how purchased leave is taxed. Is it taxed when taken or when the initial deduction is made? I would also like to know how superannuation works when an employee purchases leave and if any additional leave is accrued …

CGT Calculation Unit Trust

James Murphy Tax

Question: Just wondering if you could assist please with a CGT calculation for a commercial property owned by a unit trust.  It is a commercial property from which my clients run their business. They lease it to their trading entity, another unit trust. They will continue to lease the premises from the new owners.   I understand that there are …

2021 pension and late penalties

James Murphy Tax

Question 2 In Manual 2021, I cannot find an explanation of how the pension amount should be calculated. I would also like to know what penalties there are if the pension is not paid on time? I had a problem paying the 2021 pension before 30 June, and I wondered whether I could appeal to someone for leniency. It could …

GST registered provider for NDIS

James Murphy Tax

Question: My client is a registered provider for NDIS and has the GST concession as a NFP entity. Currently registered for GST Major incomes are from government funding. The question is whether this business can still claim a GST credit for expenses, such as rent and general business overhead expenses, for running a business. ATO website does not really show …

What Pay Rate?

James Murphy Tax

Our Educator is Certificate 3 in children’s service qualified and is working towards a Diploma of Early Childhood Education and Care in NSW Pre-school. We are a small Pre-school and already have a diploma trained Educator. Do we have to pay them at the diploma level because they have completed 50% of their course? Answer The employee is not entitled …

CELEBRATING 2021

James Murphy Tax

Season’s Greetings from the very merry team at … bO2 Corporate Essentials. In a year filled with challenges, we’re grateful for your support. Wishing you happiness & health in 2022. Our last day of the year is Friday 17th December.  We will return on Monday 10th January 2022. THE OFFICE CHRISTMAS PARTY, SHOULD YOU JUST CALL THE WHOLE THING OFF? …

Changing Company Registration

James Murphy Tax

I have composed a resolution concerning changing the company registration from Queensland to NSW. Can you suggest the fastest thing to do to address the resolution? The company was just incorporated yesterday. This shelf company noted that these changes would cost $1,000, which should have been confirmed before the registration. We are looking forward to your kind advice. Answer Our …

Superannuation-Performance Bonus

James Murphy Tax

Is the superannuation to be paid when I pay an employee a performance bonus? Answer Correct, you do pay super because a bonus falls within the definition of Ordinary Times Earnings (OTE).

Carry-Back Losses

James Murphy Tax

There are two separate questions: Would you please provide a brief explanation as to the mechanics behind carry-back losses? And details as to who is entitled to fuel tax credit and how it is calculated. Answer The loss carry back is covered in the Form C instructions guide section S item 13. We trust you find the following link useful: …

HR Health Check docs

James Murphy Tax

I am being asked to do a HR health check at our workplace. What things would they be covering, or what information do I need to provide them? Answer This is a question that we are asked frequently. Log in to your secure portal and look at the current and up to date Covid resources available as a member. You …