Newsletter Information

We hope you find the information contained within useful. Our aim is to vary the content topics with each newsletter, keeping you up to date with relevant changes in legislation and taxation. If there is a subject you would like to know more about, please contact us so we may include it in the next newsletter, or contact the office and ask to speak to your accountant.

Newsletter

Unravelling the Tax Benefit

The general anti-avoidance rules in tax law deal with schemes entered into by taxpayers for the sole or dominant purpose of obtaining a tax benefit. The rules contained in the tax law have been strengthened so that taxpayers can no longer rely on the “do nothing” defence. Specifically, the law has been amended to introduce a two-limb approach to help determine whether there is a tax benefit in connection with a scheme.

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Taxing the Sharing Economy: a Whole New World?
The sharing economy is gaining traction, and platforms such as Uber and Airbnb are drawing the attention of revenue authorities. Although no specific Federal tax legislation has been introduced to target the sharing economy, the ATO has released information setting out its views on income tax and GST implications for service providers within the sharing economy.
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Disclaimer:

You should not act solely on the basis of the material provided. Items herein are general comments only and do not constitute or convey advice as per se. Also, changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before action in any of the areas highlighted. This has been issued as a helpful guide to clients for their private information. Therefore, it should be regarded as confidential and not be made available to any person without prior written approval.