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, […]

Details

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 […]

Details

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 […]

Details

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 […]

Details

Single Touch Payroll-reporting starts 1 July 2018

Single Touch Payroll (STP) reporting becomes mandatory for employers with 20 or more employees from 1 July 2018. Single Touch Payroll will continue to keep you and your employer clients updated on what you need to do and when. We are working on detailed guidance for our website and will let you know when this […]

Details

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?

Contact us

Sign up for Free Australian Tax Updates and Recommendations

GROUPS

Recent Posts

Recent Comments

Archives

RSS NEWS FROM ATO