BDH Leaders Tax Planning Webinar

2022-05-05T13:12:44+10:00May 5th, 2022|ATO, General, News, Trusts, Webinar|

Yesterday, Tas Demos & Gede Barone, BDH Leaders Principals, presented a webinar on Tax Planning. For those who were unable to make it, or for those who would like to review the information, above are the links to the webinar recording and slides. The material and contents provided in this webinar are informative in nature only.

Webinar – Tax Planning (Tips & Tricks)

2022-04-21T15:53:25+10:00April 21st, 2022|ATO, Budget, Corporate, General, Webinar|

On Wednesday 4 May @ 12.3-pm, BDH Leaders is hosting a webinar tailored for business owners interested in tax planning insights, tips and tricks. Having a tax plan in place before 30 June will help you make strategic decisions to maximise your returns come tax time. With the end of the financial year fast approaching,

The ATO’s Attack on Trusts and Trust Distributions

2022-03-10T09:10:56+10:00March 10th, 2022|ATO, Corporate, Family, General, News, Trusts|

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section

Professional Services Firm Profits Guidance Finalised

2022-02-16T12:12:08+10:00February 16th, 2022|ATO, General, News|

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow through to individual practitioners and their related parties. The

PCR and RAT tests to be tax deductible, FBT free

2022-02-09T13:11:44+10:00February 9th, 2022|ATO, COVID-19, General, News|

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax

Overseas gifts and loans in the spotlight

2021-11-30T12:18:52+10:00December 16th, 2021|ATO, General, News|

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital gains or income as

SMSF COVID-19 Audit Relief Extended

2021-11-30T12:13:19+10:00December 5th, 2021|ATO, COVID-19, General, News, SMSF|

The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years. The relief measures provide: ·  Residency relief where the pandemic has prevented members from returning to Australia. This measure prevents the

How to set up your Director ID

2022-04-04T20:02:31+10:00November 14th, 2021|ATO, General, News|

Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name,

Tax and the Normalisation of Cryptocurrency

2021-11-10T23:14:27+10:00November 11th, 2021|ATO, General, News|

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become

Important NSW business support payments update

2021-08-10T20:45:12+10:00August 10th, 2021|ATO, COVID-19, General|

Service NSW has provided some additional guidance on key aspects of the NSW business support payments and it seems like some of the eligibility conditions have been updated as well. Decline in turnover flexibility Firstly, some additional flexibility is being provided when it comes to passing the decline in turnover test to access the

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