by Marketing | Sep 20, 2017 | Business Structures, Income Tax - Business, Income Tax - Individuals, Shelf Company, Tradies, Trust Setup
If you received income for personal services as a sole trader, you need to be aware of special rules applying to this income. Introduced in 2001, Personal Services Income (PSI) rules applies to prevent individuals from “alienating” their PSI to either a...
by Marketing | Sep 19, 2014 | Income Tax - Individuals
What is the Tax Receipt? In the 2014–15 Budget, the government announced that from 1 July 2014 the Australian Taxation Office (ATO) will issue a tax receipt to eligible individual taxpayers as part of their annual income tax return process. This receipt will provide...
by Marketing | Mar 22, 2014 | Benchmarking, Income Tax - Business, Income Tax - Individuals, Motor vehicle expenses, Tradies, Travel expenses
Tradies’ and sales & marketing managers are on the ATO’s 2013-14 hit list. Of major concern to the ATO in 2014 is un-declared income and “incorrectly claimed” work expenses. Un-declared income The ATO continues to build a strong data...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
NOTE – These rules do not apply to Genuine Redundancy Payments. On 1 July 2012, the concessional tax treatment for ETPs changed. From that date there is an additional $180,000 non-indexed whole-of-income cap. This cap will apply with the existing ETP cap rules on some...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
Tax on ETP amounts can vary based on “Preservation Age”. ETP’s are also subject to caps – see this post. Preservation in the context of Eligible Termination Payments (ETP’s) determines the tax applicable to the payment. Preservation age is determined using...
by Marketing | Mar 13, 2014 | Employment, Income Tax - Individuals, Redundancy Payments
A genuine redundancy payment is a payment you receive because the job you were doing is abolished. That is, your employer has made a decision that the job you are doing no longer exists and your employment is to be terminated. A genuine redundancy has special tax...
