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Apart from being just a HR issue, differentiating an employee to a contractor also brings about tax consequences. 4 simple ways to tell if a worker is an employee is when: their salary is deducted with PAYG withholding any non-cash benefits are subjected to Fringe Benefits Tax superannuation contributions must be deducted by employers the […]

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Legal fees and disbursements are inevitably incurred by involved parties, either to prosecute or to defend, when a company in liquidation goes into proceedings against a defendant. Usually, liquidators would only obtain the services of solicitors and barristers when the case carries a high probability of success, hence their costs would be covered via the […]

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The ATO recently issued a decision impact statement, reminding taxpayers that the Administrative Appeals Tribunal (AAT) decision last year, the Gleeson and Commissioner of Taxation [2013] AATA 920, is not a new principal of law. This was regarding expenses being exempted from being substantiated when incurred by a taxpayer while travelling overnight for work purposes. […]

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The word ‘contingent’ is defined as something that might occur when certain criteria are met. With that, a ‘contingent creditor’ in this article’s context is a creditor who does not have a debt at the date of the appointment of an external administrator, but who has a debt or claim that would come into existence […]

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In general, any borrowings are strictly prohibited within a Self-Managed Superannuation Fund (SMSF). However, there is only one reason that it would be allowed; which is, to use the borrowed funds to purchase an asset. Here are the criteria to fulfil before proceeding: A borrowing arrangement is permitted to purchase a ‘single acquirable asset’, whereby […]

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Under the Corporations Act 2001 (Cwlth), liquidators have access to a number of voidable transaction provisions, allowing them to recover some transactions that had transpired prior to their appointment. One of these provisions is the ability to recuperate an ‘unreasonable director related transaction’. As a result of public concern over unreasonable bonuses received by directors […]

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“If it looks too good to be true, then it probably is” How wise is this old saying, especially in this modern age of managing money. Clients often hear about investment opportunities and tax savings associated to them, and come to us for advice on how reasonable these proposals are. It may sound odd for […]

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A statutory demand is a notice issued by a creditor who is owed more than $2,000, to the debtor, requiring it to make a payment, or to come to a satisfactory arrangement to settle the debt within 21 days of service of the demand, according to the Corporations Act. An expired statutory demand also acts […]

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Recently, the ATO had announced that up to $14 billion in lost super remains unclaimed. Would you know if some of this amount might relate to you or your close ones? Unclaimed lost super may arise when people, who had had many jobs in the past, subsequently had had super accounts created for them by […]

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Small business sector is seeing an increase of being audited by the ATO and the selection process is particularly based on small business benchmarking method. Benchmarks are in fact financial ratios that the ATO compute using the information given via both tax returns and activity statements. Please refer to some examples of ATO benchmarks below: […]

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