The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by
an Indian firm, even when the services are provided remotely.
This
is due to the wording contained in the double tax agreement between Australia and India.
Under an agreement reached in connection with the Australian/ India Economic Cooperation and Trade Agreement (AI-ECTA), these payments will
no longer be taxed in Australia. The typical categories of services intended to be covered by the amendments include:
The amendment to the tax rules is in consultation phase and not yet law. If enacted, it will apply once the amendments receive Royal Assent,
assuming the AI-ECTA has been entered into force.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2021-22 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.
You've got a big block with big plans to subdivide in order to make big bucks. But do you know the ins-and-outs of property development from a TAX perspective? Before you jump in and commit to anything, it is important to understand the tax liabilities that might arise from your projects that will affect your overall profitability.
The idea of insuring against loss of income is one that has clear value. The idea of insuring against loss of income is one that has clear value. Yet many neglect to insure their most valuable asset. Income protection could be the answer – so how does it work?
Prossor Town Planning is dedicated to help people obtain planning permits across industrial, commercial residential and green wedge developments. Jackie Prossor tells us why engaging Shannon Smit as her business accountant, in addition to being her financial planner and business coach, makes perfect sense.
Director and owner Jon Robbins first engaged SMART Business Solutions as their accountant in 2014. Jon was looking for a proactive accountant and business advisor who would listen to him, take the time to understand his business, and work together collaboratively.
The 2020-21 Federal Budget is a road to recovery paved with cash. Some of the measures are aimed at addressing the harsh lessons COVID-19
has taught us and seek to centralise production back in Australia to ensure our industries can be self-reliant.
Reflecting on the past 6 months, particularly since the effect of Coronavirus on financial markets, I am concerned that many investors do not have a clear and tailored investment strategy. My observations are that investors seem to be failing to understand one basic investment principle; 'The higher the return the higher the risk’.
The updated alternative tests released by the Commissioner of Taxation are broadly similar to the alternative tests that were released in connection with the original decline in turnover test. However, there are some key differences.
In this pragmatic webinar we help you identify arrangements at risk of triggering significant superannuation guarantee liabilities and explore the steps to minimise that risk. This is an issue that is not going away any time soon.
The release of Australian-listed company earnings gave local investors something other than virus-related news to focus on. Earnings rose ~15% in the June quarter compared to the first three months of the year. This was ahead of consensus expectations, but overall the results were underwhelming as anticipated.
To access JobKeeper payments from 28 September 2020, there are three questions that need to be assessed:
Is my business eligible? Am I and/or my employees eligible? and What JobKeeper rate applies?
We’ve summarised the key details in this update.
In this practical webinar we help you identify arrangements at risk of triggering significant superannuation guarantee liabilities and explore the steps to minimise that risk. This is an issue that is not going away any time soon.
Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support.
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value?
When it comes to choosing whether to hold personal insurance inside or outside superannuation, both options have pros and cons. Which one is right for you?
Some people enjoy retirement more than for others – and one of the secrets to success is to start planning well in advance. We spoke with a 67-year-old who has begun his (semi) retirement with style, for his real-life tips on how to make your retirement dreams happen.
Covid-19 developments continued to dominate attention. There were spikes in the number of new infections in both Australia and overseas, suggesting an economic recovery may be delayed.
This webinar looks at the common issues that arise in connection with lease arrangements and the special rules that are aimed directly at tenants and landlords. We also look at specific issues that arise when lease arrangements are adjusted in response to the impact of COVID-19.
COVID-19 has had an impact on many SMSFs. We look at the key issues.
When deciding which investments are right for you, it is important to understand the trade-off between risk and return and how to manage investment risk.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
