The Administrative Appeals Tribunal (AAT) has held that a taxpayer who jointly owned a townhouse with his son (who lived there) was liable for CGT on his share of the property when it was sold. Facts In April 2002, the taxpayer purchased a townhouse for his adult son to reside in, but he had both …
Be careful about property arrangements with family!Read More »
The ATO is warning taxpayers to protect their personal and financial details following a sharp spike in reports of tax-related email scams. Since June, reports from the public of ‘phishing’ scams have quadrupled from 3,586 to 15,441 compared with the same period last year. “While the public is reporting scam emails to the ATO in …
The increase in the Medicare levy from 1.5 per cent to 2 per cent, will effectively bring the top marginal tax rate to 47 per cent. This will not only impact on individual taxpayers but will have a flow on effect to small businesses. A number of tax laws that businesses regularly comply with apply …
Budget 2013: Medicare Levy increase affects small businessRead More »
Large entities in the PAYG instalment system are now required to make monthly PAYG income tax instalments.