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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Category: Australian tax updates
by: Jomon JK
Claiming GST credit
When you can claim a GST credit? You must be registered for GST to claim GST credits. You can claim a GST credit for a the price you pay for things that you use in your business. This is called an input tax credit, (or a credit for the GST included in the price of […]
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Category: Australian tax updates
by: Jomon JK
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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Category: Australian tax updates
by: Jomon JK
Changes to company tax rates
The lower company tax rate will apply to base rate entities with a turnover less than $50 million in the 2018–19 income year. The rate will then reduce to 25% by the 2026–27 income year. Income year Turnover threshold Tax rate for base rate entities under the threshold Tax rate for all other companies 2017–18 $25m […]
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Category: Australian tax updates
by: Jomon JK
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 […]
DetailsCloud Computing
“Cloud Computing has changed the way we use software and hardware. Cloud is no more just a new possibility in the field of technology. This has become the standard. As an Idcrex client, we give you the facility to keep your records on cloud. Please contact us for a detailed presentation” What is cloud computing? Cloud computing […]
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Category: Australian tax updates
by: Jomon JK
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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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, […]
DetailsHow do I select the right bookkeeper for my business?
Bookkeepers manage the most delicate and important component of accounting. Any error within bookkeeping may come with a cause and effect upon accounting. This is actually the reason why it’s essential that you select your bookkeepers thoroughly. Understanding how to choose the right bookkeeper is very important for the success of one’s business. Therefore how […]
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Category: Australian tax updates
by: Jomon JK
Pre-payments
You can prepay amounts towards your expected tax bill. Pre-payments can help you stay on top of your tax and avoid falling into debt. To make a pre-payment, you simply need to: get the correct payment reference number decide how much to pay choose a payment method. You must use the correct payment reference number […]
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