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From the category archives: Whytes CPA Blog

Whytes Tax Tips and Reminders

Professional sportsperson's 'public fame' or 'image'- Tax treatment

post image The ATO has put out a Practical Compliance Guideline PCG 2017/D11 which addresses apportionment of payments for a sportperson's personal services vs payments for their image.

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You may pay tax on the sale of your home if you move overseas

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CGT liability of foreign residents.  The measures which will generally apply from 9 May 2017.

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Tax treatment of long-term construction contracts

post image The ATO has explained what accounting methods taxpayers can use for long-term construction projects. Two methods of accounting are available: the basic approach (essentially the accruals method) and the estimated profits approach.
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Fringe benefits tax: should an Uber be treated as a taxi?

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The ATO is now examining whether Uber trips should be eligible for the “taxi travel” FBT exemption. The Federal Court ruled that UberX drivers must be registered for GST, because they supply “taxi travel”. There has been much discussion of this finding since, and the ATO is now examining whether Uber trips should be eligible for the “taxi travel” FBT exemption.

Earlier in 2017, the Federal Court ruled that UberX drivers must be registered for GST, because they supply “taxi travel”. There has been much discussion of this finding since, and the ATO is now examining whether Uber trips should be eligible for the “taxi travel” FBT exemption.
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Budget changes to foreign resident CGT: draft legislation

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Draft legislation has been released to implement 2017–2018 Federal Budget measures relating to the CGT liability of foreign residents. The measures, which applied from 9 May 2017:

 


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Tax cut closed off for passive investment companies

post image The Government has released exposure draft legislation to deny access to the lower corporate tax rate of 27.5% (down from 30%) for companies with predominantly passive income. 

 

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Homing in on holiday homes

post image The ATO is reminding taxpayers that it’s paying close attention to rental properties located in popular holiday destinations around Australia.
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Overtime meal expenses disallowed because no allowance received

post image A taxpayer has failed in claiming deductions for overtime meal expenses before the Administrative Appeals Tribunal (AAT). The AAT denied his appeal because he was not paid an allowance under an industrial agreement.
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The surprising demographic capitalising on the sharing economy

post image The sharing economy has long been viewed as the domain of the young and hip – but that may be changing. Don’t be surprised if your next Uber driver has silver hair.

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International tax issues - Post-Panama tax landscape

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Doing business outside Australia can be an important way to grow an enterprise. But in the wake of the Panama Papers scandal there is a new tax landscape, with complex issues that both taxpayers and tax practitioners need to manage.

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