Current as of June 2015 Tax planning is a year-round activity at Stanley & Williamson, but June is the time to double check that any critical actions are taken before 30 June. We’ve spoken to lots of clients throughout the year and especially over the last few weeks about actions to take for their individual circumstances, but as we approach … Read More

In the news

Current as of April 2015 The Re:think tax discussion paper was released by the Australian government last month, aiming to stimulate discussion on the future of our tax system. A key issue raised in the discussion paper is the challenge the tax system faces from changes in the global economy. Chapter 5 discusses Australia’s relatively high corporate tax rate and … Read More

Simplifying transfer pricing record keeping

Current as of April 2015 We discussed Australia’s new transfer pricing regime in our December newsletter. The Australian Taxation Office has since released administrative guidance providing small businesses some relief from the complex and costly task of preparing transfer pricing documentation. The entities that might qualify for simplified record keeping requirements: Small businesses with a turnover of less than $25 … Read More

CGT rules for non-residents

Current as of April 2015 Non-residents are only subject to Australian CGT on Taxable Australian Property (TAP). TAP includes: direct and indirect interests in real property situated in Australia business assets used in an Australian branch an option to acquire any of the above a CGT asset elected by an individual to continue to be subject to Australian CGT after … Read More

Relationship breakdown – tax trap

Current as of March 2015 A relationship breakdown can be emotionally and financially traumatic as assets are divided and property settlements negotiated. Even where a split is amicable there can be difficulties agreeing on how to apportion the assets, especially when some of those assets are owned by a family company. The Australian Tax Office’s (ATO) previous position was that … Read More