Taxation

Government Contracts Now Require ‘Satisfactory Tax Record’

Written by Felicity Magnussen

From 1 July, businesses seeking to tender for government contracts of $4m+ will have to prove a ‘satisfactory tax record’ each 12 months.

Yet another reason to stay on top of your game, and now is the perfect time to start analysing and planning for your 2019 tax year!

We love helping our clients plan on both a business and personal level no matter how simple or complex your situation, so let us know if we can be of assistance.

There’s no place like home….

Written by Felicity Magnussen

There’s no place like home ….especially when you can establish that ‘home’ is not Australia for tax purposes. The ATO’s commonly-held approach that everyone is a resident forever no matter what (and they will hold their breath and stamp their feet until you agree) has led to many court challenges. The issue generally revolves around whether someone has established a ‘permanent place of abode’ out of Australia. While this is a complex area that you should always seek advice on, the Federal Court has recently ruled that where you live is more important than the type of accommodation you live in. In this case, it was about someone living in a fully-furnished apartment for many years being considered to have a permanent place of abode in sunny Bahrain. See ABC News article here for more.

Christmas and FBT (sigh)

Written by Felicity Magnussen
The work Christmas party is still on but remember, as always the ATO wants you to share a swig of the booze, a couple of slices of ham (off your bones) and a turn on the karaoke machine, so make sure you are across what happens for tax and FBT when you choose to make merry! More information here.