Issue 104 – Bonus Issue

James Murphy

BONUS ISSUE – Capital Gains Tax Minimisation Strategies 2020  WHAT’S NEW IN 2020? The ATO finalises its position on trust split arrangements in taxation determination T.D 2019/14. Changes to small business CGT concessions for partnerships. Capital gains tax changes for foreign residents involving the six-year temporary absence exemption. ATO finalises its position on trust split arrangements. Burton v Commissioner of …

Issue 104 – Michael’s Corner

James Murphy

Michael’s Corner   Article Number 04   WHAT IS AN APPRENTICESHIP AND WHAT IS A TRAINEESHIP?   The Government is supporting small businesses to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. Where a small business …

Issue 104 – The Newsletter

James Murphy

THE NEWSLETTER AAT REJECTS TAXPAYER’S BID TO DISCOUNT THE MARKET VALUE OF SHARES – MILEY AND COMMISSIONER OF TAXATION (TAXATION)[2019] AATA 5540 The taxpayer in this case failed maximum net asset value test (MNAVT) on the basis that the market value of shares they sold in a private company could not be reduced by the value of non-competition clauses included …

Cash Flow Assistance for Businesses

bo2dev HR/IR, Tax, WHS

Economic Response to the Coronavirus This assistance will support businesses to manage cash flow challenges and help businesses retain their employees. These two measures are designed to support employing small and medium enterprises and to improve business confidence. In addition, the wage subsidy for apprentices and trainees will help to ensure the continued development of the skilled workforce that employers …

2020 Economic Stimulus Package

bo2dev HR/IR, Tax, WHS

On 12.3.2020, the Federal Government announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus.

Issue 103 – The Newsletter

James Murphy

The Newsletter ATO RECEIVES FIVE MORE YEARS OF POLICY DETAILS FROM INSURERS ABOUT “LIFESTYLE ASSETS” LIKE YACHTS, FINE ART etc… On 18 December 2019, 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 …

Issue 103 – Bonus Issue

James Murphy

Bonus Issue TAX SAVING TIPS (2020) – OVER 150 IN APHABETICAL ORDER  Accounting on the Cash Basis?   Paying all creditors by 30 June will allow these expenses to be deducted this financial year.  If you have the funds, making payments on 29 June instead of…say 8 July, will defer tax for another year. Always Lodge on Time In the …

Issue 103 – Michael’s Corner

James Murphy

Michael’s Corner   Article Number 03   EMPLOYMENT ENTITLEMENTS DURING NATURAL DISASTERS OR EMERGENCIES Given the state of Australia and our natural landscape we have put together this newsletter with input from the Fair Work Ombudsmen and Fair Work Act 2009 What are employment entitlements during natural disasters or emergencies? With the bushfire season still creating havoc and other natural disasters …