Since the pandemic begun its fair to say that most employees have spent some time working from home. As a result, there will be expenses incurred that may not have been incurred in prior tax years. It is important to understand what you are entitled to claim as a tax Read more…
Nexia Australia is a mid-tier multifaceted accounting practice with specialisations in the following areas: Nationally, with over 74 partners and 518 staff, Nexia has grown into one of Australia’s leading chartered accountancy networks with offices in Adelaide, Brisbane, Canberra, Darwin, Melbourne, Perth and Sydney. Nexia Sydney combines great people with great clients, Read more…
What is Section 100A? The best way to describe 100A is by use of an example. For the year ended 30 June 2021, the Green Family Trust has $100,000 of trust (and taxable) income to distribute. Mr Green works full time and has other taxable income of $200,000. However, Mr Read more…
It is becoming rare to find a pre-CGT reserve in a company that warrants liquidating a company to extract the funds in a tax efficient manner. However with the introduction of the small business CGT concessions (Div 152) a members voluntary liquidation may enable shareholders to extract funds with a Read more…
We recently received the following question and scenario: I have just signed the sales contract on 31st May 2021, however the purchaser has requested delayed settlement until 1 December 2022, with standard terms 10% on exchange and the balance on settlement? The taxable gain is significant, when do I include Read more…
NOTE: Services NSW continually update their site to clarify the meaning of terms. We recommend you visit their site and Q & A as the attached may be out of date. https://www.service.nsw.gov.au/jobsaver-payment-guidelines#decline-in-turnover We recommend you visit Services NSW for full details about the JobSaver program https://www.service.nsw.gov.au/transaction/jobsaver-payment#eligibility. The following are general Read more…