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A nоvаtеd lеаѕе іѕ bаѕісаllу a thrее-wау agreement bеtwееn a lеаѕіng company, an еmрlоуеr, аnd аn еmрlоуее. An еmрlоуее аррrоасhеѕ a motor vеhісlе lеаѕіng соmраnу and ѕіgnѕ a соntrасt fоr thе lеаѕе of their сhоѕеn vеhісlе. Thе еmрlоуеr then undеrtаkеѕ…

How many times have you said, “If only I had more time, I’d …”?   Many of us have come to say this on a fairly regular basis as our lives become more cluttered with things to do. Life seems…

An employee construction project manager/supervisor was denied deductions for overtime meal expenses, as he was not paid an overtime meal allowance under an industrial agreement (award). The taxpayer often worked at nights and on weekends during the relevant income years, and so additional amounts…

The ATO is currently reviewing arrangements where individuals (at, or approaching, retirement age) purport to divert their personal services income to an SMSF, so that the income is taxed concessionally (or exempt from tax) in the fund, rather than being subject to tax at the…

The ATO has issued a reminder that the government has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of ‘adjusted fringe benefits total’ (which is used to calculate a taxpayer’s entitlement…

The ATO has confirmed that, if intangible capital improvements are made to a pre-CGT asset, they can be a ‘separate CGT asset’ from that pre-CGT asset if the relevant requirements are satisfied. Editor: The result of this is that, while the disposal of the…