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Family trust elections and interposed entity elections
By WSC Group | Created on July 2, 2024
Family trust distribution tax ('FTDT') is a special, 47%, tax sometimes payable by a trustee, director or partner.
Notice of Medicare levy exemption data-matching program
By WSC Group | Created on July 2, 2024
The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years.
ATO may cancel inactive ABNs
By WSC Group | Created on July 2, 2024
The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers ('ABNs').
New lodgement obligation for income tax exempt organisations
By WSC Group | Created on July 2, 2024
Non-charitable not-for-profits ('NFPs') with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to notify their eligibility for income tax exemption.
Taxpayers able to apply CGT small business concessions
By WSC Group | Created on July 2, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil.
ATO's 'main residence exemption tips'
By WSC Group | Created on July 2, 2024
The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property, they have lived in.
Is your family home really tax free?
By WSC Group | Created on July 2, 2024
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.
What’s ahead for 2024-25?
By WSC Group | Created on July 2, 2024
Will 2024-25 be another year of volatility or a return to stability?
Earned an income from the sharing economy?
By WSC Group | Created on July 2, 2024
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
$20k instant asset write-off passes Parliament
By WSC Group | Created on July 2, 2024
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.
