There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of Tax Act. In broad terms this allows for, but also … Read Full Story
The ATO has issued a reminder around trademarks! For background, a trademark legally protects your brand and helps customers distinguish your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, … Read Full Story
For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. A significant number of taxpayers in this position are those … Read Full Story
For individuals who have retired and met a condition of release, or who have turned 65 and are still working, you can receive your superannuation as a super income stream, as a lump sum, or a combination of both. … Read Full Story
The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v … Read Full Story
SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of 10 interest rate rises since May 2022 in one hit, from July 2023. SMSF trustees relying on the ATO’s safe harbour terms to ensure that … Read Full Story
Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. The tax treatment … Read Full Story
The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO … Read Full Story
The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometre method This method … Read Full Story
Since Budget night, the ATO has released more information around the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that … Read Full Story
Melbourne - Tower 4, Collins Square, Level 17,
727 Collins St, Docklands VIC 3008
Bundoora - Suite 105, Level 1, 12 Ormond Blvd,
Bundoora, VIC 3083
info@pscube.com.au
All Rights Reserved @ 2019 PS Cube.