Stapling super: Reducing multiple accounts for employees
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them.
Trust distributions to non‑residents
When an Australian trust makes a distribution to a non-resident beneficiary, it is often the case that the Australian trust is required to pay tax on the distribution.
Buying a new home before selling the old one: The ins and outs
Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six months – but only if certain conditions are met.
Claiming GST credits for employee reimbursements
If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
SMSFs & property development Emerging risks
There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy concessional tax treatment.
How to treat work-related travel and living away from home costs
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.
NSW COVID support for businesses and households
Help available for NSW businesses and households impacted by COVID-19 and recent lockdowns.
Forsyths Office Arrangements during COVID-19 lockdown.
Forsyths Office Arrangements during COVID-19 lockdown. Due to the recent lockdown announcements, the Tamworth and Armidale Forsyths offices will be closed to clients for the next 7 days.
Lockdown Support - New Measures Announced
The NSW and Federal Governments have announced a series of new measures to support business during extended lockdowns of four weeks or more:
Where do reward programs stand in regard to tax?
Many businesses and organisations offer their customers loyalty award-based incentive programs. They are designed to reward customers for purchasing or using a company’s goods and services (or sometimes affiliated businesses).
Trust distributions from a discretionary trust
The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets.
Trust losses: Keeping them in the family
Who can (and can’t) be part a family group for the purpose of making a family trust election (FTE)?