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All news by: Davide Costanzo

S100A and Trusts – what is the ATO concerned with?

Trusts are a popular structure for family businesses and groups because of its inherent asset protection, flexibility and ability to pass assets to future generations with limited tax consequences. Moore Australia tax experts discuss what the ATO is concerned with and upcoming changes. 

WA COVID-19 BUSINESS ASSISTANCE PACKAGE

The West Australian Government has announced a $72 million package for businesses impacted by the Level 2 public health and social measures.

When does your hobby become your business?

From arts and crafts to jewellery design, photography, candle making, sewing, blogging and live streaming, we all have hobbies. Some of us are even prolific enough to sell the produce of our leisure time on dedicated platforms and make a few extra dollars, without thinking much of it… until it’s too late. Income is income, and it is important to know that your hobby dollars might need reporting to the Australian Taxation Office (ATO). The line between hobby and business is thin so be sure you make it your business to know where the difference lies.  

ATO – Practical Compliance Guideline 2021/4

The Australian Taxation Office (ATO) is targeting accountants, architects, engineers, lawyers and other professionals!  The ATO has released Practical Compliance Guideline (PCG) 2021/4 which finalises its compliance approach towards the allocation of profits from professional firms to an individual professional practitioner (IPP). The ATO is specifically concerned with arrangements involving the provision of services where the IPP redirects income to an associated entity, where it has the effect of altering their overall tax liability.

2021-2022 WA State Budget: At a glance

Western Australia’s Premier and Treasurer, Hon Mark McGowan MLA handed down the 2021-22 Western Australia State Budget on Thursday, 9 September 2021. In his speech, the Treasurer stated that Western Australia’s net operating surplus was stronger than expected, at a record $5.6 billion.

Cryptocurrency - tax issues to consider for individuals

We may not understand the dynamics of how cryptocurrency works (very few do), but the last few days and weeks have highlighted the volatility of the cryptocurrency market. Whilst we are not economists and cannot explain how a couple of tweets can cripple the crypto market, we are well placed to advise you on the tax ramifications of buying and selling cryptocurrency.  

2020-21 Western Australia State Budget: At a glance

The Western Australian State Budget for 2020-21 has been released. Find out what this year's budget means for you.

2019 WA State Budget

The Western Australian State Budget for 2019/20 has been released, with changes across the board.

Non-Resident Withholding Tax Regime

From 1 July 2016, disposal of certain Australian property by non-resident Vendors will be subject to a non-final 10% withholding tax. The purpose of this is to assist in the early collection of tax from foreign residents and encourage them to meet their tax obligations in Australia. The tax is required to be withheld by the Purchaser and remitted to the Australian Tax Office (ATO).