GST – Investment Property Transfer/Sale

James Murphy Tax

Question I have a few questions about GST on investment property transfer as below: My individual client bought a brand-new house from the developer. She then leases it back to them (for them to use as a display unit) for two years. After that she plans to sell the house immediately. Will there be GST on the sale price? My …

Clarification on The Margin Scheme

James Murphy Tax

Question My client’s scenario is: The client decided to purchase land and build a duplex.  At the completion of the duplex, he decided to sell one of them and keep the other as an investment property.  I then advised my client that this would more than likely attract GST on the sale of the one he sold. He then went …

Industrial Relations Update – April 2021

James Murphy HR/IR

CHANGES TO CASUAL EMPLOYMENT On Friday 26 March 2021, the Fair Work Act 2009 (FW Act) was amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Amendment Act). These changes came into effect on Saturday 27 March 2021. What’s changed? The Amendment …

Overseas Company Tax Return

James Murphy Tax

Question This is about an Australian private company (Pty Ltd), but 100% of ordinary shares are held by overseas company. It has one Australian resident director and main activity is medical research and development.  Q1.  1- Ultimate and immediate holding company name and ABN or country code:  Should I put the name of overseas company for this question in the …

Independent Contractor – Paying SGL

James Murphy Tax, WHS

Question I am a subscriber to your excellent magazine. I have recently become aware that in some circumstances an entity engaging a person to do work as an independent contractor rather than an employee may have to pay SGL to the contractors nominated super fund. I have not been able to find any clarity on this and the circumstances in …

Legal Obligation- Breastfeeding

James Murphy Tax, WHS

Question I have a few questions regarding maternity leave (returning to work). I have 2 staff members currently on maternity leave both breastfeeding. They are due to return March / April. I am wondering what I can legally do regarding them being able to feed their babies – off site (as we are preschool 3-5 years) and do not have …

Cash Bonuses Question

James Murphy Tax

Question The business partners are considering handing out cash bonuses to all their staff. They would prefer not to go through wages, so employees are not taxed. It is a one-off cash bonus, some employees $1,000, others $5,000. They are happy to register for fringe benefits tax if required. Is this the best way to go? Answer If you want …

Newsletter #108 Clarification

James Murphy Tax

Question Could you please explain what this means? This is from bO2 newsletter issue #108. There is temporary full expensing for the purchase of capital assets between 6.10.2020 and 30.6.2022. If your business has a genuine need for new equipment, you could directly benefit from this. Business with aggregated annual turnover below the relevant threshold will be able to deduct the full cost eligible …

Budget 2020 – Request for Confirmation on Information

James Murphy Tax

Question I have received a booklet titled “Budget 2020” from the Liberal Party of Australia recently, and I would like confirmation on an item stating  Asset Write Off: “Over 99% of businesses will be able to write off the full value of any eligible asset they purchase for their business. This will be available for small, medium and larger businesses …

Cash Flow Boost Query

James Murphy Tax

Question My client is on accruals. Do I account for the Cash Flow Boost via Journal Entry at 30 June or do I only account for the Cash Flow Boost NANE when received which is in the next Financial Year? The way I see it the CFB is an addition to the BAS & does not form part of the …