Bitcoin's back - but the ATO never left
With news and social media feeds being filled with tales of cryptocurrency (in particular bitcoin) prices fluctuating many taxpayers are making, or considering making, investments. However before jumping in taxpayers should understand that the anonymity that was originally touted as the shining crown of cryptocurrencies is not the invisibility cloak many may think it to be. What does the ATO really know about your cryptocurrency holdings and what do you need to disclose?
COVID and State Taxes: What Victorians need to know in 2021
A Guide To Understanding Payroll Tax Part 1: The Basics
Payroll tax is a state and territory tax. It is assessed where total Australian taxable wages paid or payable to employees by an employer exceed specific thresholds. The tax is self-assessed and as such the obligation falls to employers to ensure they are aware of their total wage bill across Australian states and territories and whether those are taxable.
Payroll Tax Part 2: Director Fees
Payroll Tax Part 3: Are Business Profits and Distributions Subject to Payroll Tax?
AAT denies deductions for work-related expenses
AAT denies deductions for work-related expenses: Lambourne v Commissioner of Taxation [2020] AATA 4562
The Administrative Appeals Tribunal (AAT) recently agreed with the Commissioner in disallowing certain deductions for work-related expenses.
Payroll Tax Series – Part 10 – Payroll Tax Grouping
In this 10th part of our payroll tax series, we explore the grouping provisions contained in the Payroll Tax 2007 (PTA 2007). While we will refer to the Victorian legislation, similar provisions exist in all states and territories due to a harmonisation of the law.
Redundancy Payments - The AAT Rejects the Commissioner's Position on Discretionary Sums Paid to Terminated Employee
The AAT has rejected the Federal Commissioner of Taxation’s (Commissioner) view that a discretionary payment received by an employee upon his termination should be taxed as ordinary income. Despite the payment being made upon the termination of the employee the Commissioner argued that it was received in respect of their employment as it was calculated in relation to fees earnt.
Payroll Tax Series – Part 11 - Payroll Tax De-Grouping
In this 11th and final part of our payroll tax series, we explore the payroll tax de-grouping provisions. While we will refer to the Victorian legislation, similar provisions exist in all states and territories due to a harmonisation of the law.
Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities
“Stamping” Of Trust Deeds In Victoria
Sladen Snippet - Is a valuation required for land transfer (stamp) duty calculations? – SRO updates guidance
State tax COVID-19 reliefs 2.0
In April 2020 we reported on Land Tax and Payroll Tax measures state and territory revenue offices made in response to the COVID-19 pandemic. As the ramifications of COVID-19 continue to affect Australians, these measures have since been extended and new measures announced.
The ATO’S Cryptocurrency Crackdown – Don't Dream It’s Over
Sladen Snippet - Chadbourne – Administrative Appeals Tribunal disallows tax deductions for interest on loans
In Chadbourne v FC of T [2020] AATA 2441 (Chadbourne) the Administrative Appeals Tribunal (AAT) held that a beneficiary (Taxpayer) of a discretionary trust (Trust) was unable to deduct interest on borrowed funds where the funds borrowed in the Taxpayer’s name were used by the Trust to buy real property and shares.
Managing Tax and Revenue Office Audits During COVID-19
Trusts and the franking credits trap: can we fix it?
Sladen Snippet - ATO withdraws practical compliance guideline on payments for use and exploitation of a professional sportsperson’s “public fame” or “image”
In 2017, the Australian Taxation Office (ATO) released Draft Practical Compliance Guideline PCG 2017/D11 (the PCG) to provide safe harbour measures for professional sportsperson’s who receive lump sum payments in exchange for their professional services and the use and exploitation of their “public fame” or “image”.
