This may seem a somewhat straightforward question, but, as with many tax questions, the answer is not particularly easy. Like most of these matters, the answer depends on the circumstances.
Private binding rulings are a mechanism in the Australian tax administration system where a taxpayer may seek the ATO’s view on the treatment of a transaction without going through the formal objection or dispute process.
In follow up to our recent artcile titled Independent Contractors or Employees, while it’s one thing to know the difference between employees and independent contractors, an important issue to consider is the consequences for getting the classification wrong.
Chief among the problems for treating employees as if they are independent contractors is the significant negative tax consequences.
Foreign investors in Victorian land are subject to complex State taxes, including foreign purchaser additional duty, absentee owner land tax surcharge and vacant residential land tax.
Similar foreign purchaser additional duty rules apply to New South Wales and Queensland and are proposed to apply to South Australian from 1 July 2018 and to Western Australia from 1 January 2019.
Similar absentee land tax surcharge rules apply to New South Wales and Queensland and are proposed to apply to Australian Capital Territory from 1 July 2018.
The legislative differences in the taxes between the jurisdictions makes managing property portfolios in multiple jurisdictions complex.
New laws have been passed affecting the GST obligations of property developers. These laws take effect from 1 July 2018, but may affect contracts entered into prior to this date.
The development and operation of commercial accommodation raises complex regulatory, contractual, commercial and taxation issues.
The reconstitution of a general law partnership or a tax law partnership may have different income tax, capital gains tax (CGT) and goods and services tax (GST) consequences that should be addressed in preparing a Partnership Reconstitution Deed.
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Latest news from Rigby Cooke's tax team. Making sense of the #austax system.