Not All Work Related Expenses are Deductible
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Court confirms ATO’s position on foreign income tax offsets
Not good news if you pay overseas taxes and make a claim in your Australian Tax Return. An Australian tax resident had sold some US investments and paid US tax on the gains. The taxpayer was then basically taxed on half of those gains in his assessable Australian income (i.e., the gains were eligible for […]
Pharmacy Industry Award Has Changes
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More On The Coronavirus
Infection rates are low but this, as you all know, is a fast spreading virus that severely affects the old. As China and Italy have found the only way to get a grip is to shut everything down. It is only a matter of time before the US, Europe and Australia follow similar lines. Most […]
The Government Stimulus Package – What Does It Really Mean To Medical Professionals?
If you are a medical professional these are scary times. It would be nice to know that the Federal Government (who will be totally and utterly relying on your services to combat a pandemic not seen for a couple of generations) would want to look after you financially and otherwise. Having poured through as much […]
4 Easy Ways to Reduce Taxes for Medical Professionals
Medical professionals pay a lot of tax so they often ask how their bills can be reduced. Most general accountants try to use standard technical for reducing tax which involves splitting income. But these strategies could be illegal under PSI rules. Most medical professionals receive Personal Services Income (PSI) A recent federal Court Case confirmed […]
How Medical Professionals Can Increase Cash and Reduce Taxes
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No CGT main residence exemption for non-residents
The Government is trying to deny access to the CGT main residence exemption for individuals who are foreign residents at the time the property was sold. Crucially it does not matter how long you may have lived in the property. It all depends what your residence status is at the time of sale. If enacted, […]
If You Do Not Pay Superannuation Watch Out – They Know!
The ATO has advised us that some 75 million payment transactions for the first three quarters of 2019 (for approximately 400,000 employers) has shown that 90 – 92% of contribution transactions by volume and 85 – 90% of transactions by dollar value were paid on time. The ATO is now starting to actively use this […]
Be Careful Because Saving Tax Could Mean More Tax!
The ATO brought out a new rule without much fanfare and it can be quite nasty. If a medical professional employs staff but do not met their PAYG withholding obligations they can no longer claim deductions for certain payments to workers. These in theory are aimed at businesses that do not deduct payments to employees […]
