New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how. Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and…
The Australian Taxation Office (ATO) have recently released a package of new guidance material that directly targets how the income of Trusts is distributed and how it is taxed. This ATO guidance material is only a draft at this stage with the ATO seeking comments from the profession. Under this guidance material released, the ATO…
It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital Gains Tax If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax…
When it comes to choosing a structure for your business, it’s worth spending a little time learning about your options. It may surprise you to hear that your accountant is the expert when it comes to business structures! Why? Because business structures are the building blocks for tax planning and also protect your key assets…
Cryptocurrencies have skyrocketed in terms of relevance and reward in just a few years – and the rise of crypto doesn’t seem to be stopping any time soon. Understanding your tax obligations is essential in managing your wealth. While the ATO has published official guidelines on how crypto will be taxed, you can implement many…
What happens if I have been running my business from home? If your home is also set aside as a dedicated place of business (i.e., you do not have another office or workshop), then you might only be able to claim a partial main residence exemption. This is because income producing assets are excluded from…
Capital Gains Tax Definition Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at the marginal tax rate…
