Additional tax on concessional contributions (Division 293)

Division 293 tax is an additional tax on super contributions which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold. From 1 July 2017 the Division 293 threshold is $250,000. Prior to this it was $300,000. Division 293 tax is charged at 15% of an individual’s taxable contributions. Who […]

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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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