Videos May 4, 2012

Fly-in fly-out travel costs found to be tax deductible Jul 7, 2015

If you are an employee, the cost of travel to your workplace cannot be claimed as a deductible expense for tax purposes, as it is considered to have been incurred prior to starting work for the day.

However, if you have a job that requires you to travel as part of your duties, then it might be a different matter. According to the Australian Taxation Office’s individual tax return instructions under ‘D2 – work-related travel expenses’, a worker can claim expenses directly related to their work as an employee. 

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Capital Gains Tax in a Super Fund: the devil’s in the detail Apr 5, 2013

One of the superannuation changes announced today will affect how capital gains tax is treated in a SMSF in the future. To re-cap the change - from 1 July 2014, earnings on assets supporting income streams above $100,000 per year will be taxed at a rate of 15 per cent. This is in contrast to the current rules where all earnings from assets supporting superannuation income streams are tax-free. The measure grandfathers the Capital Gains Tax (CGT) treatment of existing assets supporting income streams until 1 July 2014.This will cause the CGT treatment of assets supporting income streams to have a three tiered structure over the next 10 years so that for:

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Increase in the Medicare Levy from 1 July 2014 May 15, 2013

The Government has confirmed that it will increase the Medicare Levy by 0.5% from 1.5% to 2% from 1 July 2014 to provide funding for DisabilityCare Australia. Draft legislation to give effect to this change has already been released. Low income earners will continue to receive relief from the Medicare levy through the low income thresholds for singles, families, seniors and pensioners.  The current exemption from the Medicare Levy will also remain in place, including for blind pensioners and sickness allowance recipients.

Property development and the new GST withholding regime from 1 July 2018 Mar 2, 2018


On 7th February 2018 the government introduced Treasury Laws Amendment (2018  Measures No. 1) Bill 2018 into the House of Representatives. The law imposes new obligations from 1st July 2018 on both the purchaser (required to withhold an amount) and the seller (required to provide documentation) when buying and selling new residential property.

The new law has the express purpose of preventing the loss of the GST revenue due to the ‘phoenix1’ activities of some property developers. Phoenix in the GST sense involves making a taxable supply (selling property), collecting a GST component and then liquidating the company prior to payment of the GST liability only to continue business via another corporate vehicle or some other structure.

Daryl Corpe

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