by Canning Tax & Advisory | 11 Sep 2024 | Business Operations
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any...
by Canning Tax & Advisory | 11 Sep 2024 | Tax Compliance
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
by Canning Tax & Advisory | 11 Sep 2024 | Business Operations, Business Planning, Tax Compliance
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before...
by Canning Tax & Advisory | 11 Sep 2024 | Tax Compliance
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an...
by Canning Tax & Advisory | 11 Sep 2024 | Business Operations, Business Planning, Tax Compliance
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been...
