Employee share schemes – A dividend equivalent payment may be assessable to an employee as remuneration

A dividend equivalent payment is assessable to you as remuneration (and therefore ordinary income) under section 6-5 when you receive such a payment for, or in respect of, services you provide as an employee, or similarly, where the payment has a sufficient connection with your employment.   Examples Example 1 – dividend equivalent payment for, […]

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Tax on income from the sharing economy

Sharing economy activity tends to increase during the holiday season. Some of these activities include: providing ride-sourcing services for a fare completing jobs or errands for payment renting out a room or a whole house or unit renting out a vehicle or a car parking space. The tax obligations associated with each will vary depending […]

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What attracts ATO attention?

As per ATO’s website, the following behaviours and characteristics may attract their attention: tax or economic performance is not comparable to similar businesses low transparency of your tax affairs large, one-off or unusual transactions, including transfer or shifting of wealth a history of aggressive tax planning tax outcomes inconsistent with the intent of tax law […]

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Petroleum resource rent tax

Petroleum resource rent tax: character of expenditure incurred in relation to abandonment, decommissioning and rehabilitation activities undertaken on a part of a petroleum project Summary – what this ruling is about? 1. This ruling is about the characterisation of abandonment, decommissioning and rehabilitation expenditure (ADRE) incurred on a part of a petroleum project prior to […]

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New job vacancy

Trainee – Australian Accounting Job Description Analyst will be performing day to day online accounting services to clients in Australia. His/Her roles and responsibilities would include; Ensure daily, weekly and monthly deliverable are addressed as per client requirement in Services Agreements Responds to questions from customers and internal staff members regarding area activities. Maintains daily, […]

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Bookkeeping at $50 per month

Would you like us to show you how we maintain your books of accounts every day, without you having to spend too much & without you risking accuracy of the numbers?

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