The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as:
The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars.
The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Ascent on 6 March 2020.
Can a Vacant Block of Land be an Active Asset for the Purposes of Accessing the Small Business CGT Concessions?
One of the basic conditions for the purposes of accessing the Small Business CGT Concessions (the CGT Concessions) is the requirement that the asset disposed of is an ‘active asset used in the course of carrying on a business’.
Fringe Benefits Tax (FBT) is a tax imposed on employers if they provide non-cash/fringe benefits to their employees. Commonly provided fringe benefits that may attract FBT include work cars made available to employees for private use, the provision of entertainment, such as, meals at restaurants, tickets to sporting events, corporate boxes, office Christmas parties and regular Friday afternoon drinks.