BackgroundPresent entitlements are rights that a beneficiary of a trust has to share in the trust’s income. The two defining features of a present entitlement over trust income are that the beneficiary:• has an indefeasible and vested interest in the relevant trust income; and• has an equitable right to demand payment of the relevant trust [...]
The onslaught of work from home arrangements popularised due to the pandemic have prompted the ATO to revamp the way to claim deductions for WFH costs. From the 1st of July 2022 you can choose to claim: The fixed rate method, at 67 cents an hour The actual cost method, claiming actual additional expenses incurred [...]
In April this year, we published an article regarding the ATO recommencing the issuing of Director Penalty Notices (view article here). During the pandemic, the ATO had offered administrative relief to businesses who were experiencing financial difficulty. However, that relief was always going to come to an end… As at 30 June 2021, the tax [...]
During the COVID-19 pandemic, the ATO offered administrative relief to businesses who were experiencing financial difficulty. However, Directors were not absolved from their personal liability under the director penalty regime. Now that lockdowns have ended and we are resuming something that resembles a ‘normal life’, the ATO has recommenced its quest to recoup unpaid taxes, [...]
