When is a company an Australian resident for tax purposes?

A critical component for any person operating a business is understanding the laws regarding taxation.  While the general provisions for taxation, such as the company tax rate, are relatively well known, complexities can arise where companies are unsure whether or not they are based within Australia, and are therefore subject to Australian taxation laws.  In this article, we consider what it means to be resident in Australia under the Income Tax Assessment Act 1936 (Cth)(Tax Act). [Read more…]

What entities are eligible for the R&D Tax Incentive?

Updated: 7 September 2021

The Research and Development Tax Incentive (R&D Incentive) encourages companies to engage in research and development which benefits Australia by providing a tax offset calculated against eligible expenditure (Notional Deductions), where the expenditure relates to eligible research and development activities (R&D Activities).  The R&D Incentive is described in division 355 of the Income Tax Assessment Act 1997 (Cth) (ITAA97).  The R&D Incentive has two (2) core components: [Read more…]

Eligibility for the Trust Restructure Rollover

Thinking of restructuring your trust for some reason?  While there are certainly a number of commercial benefits in transitioning from a trust into a company, a common pitfall is failing to acknowledge potential liability for Capital Gains Tax (CGT) or address potential liability for state based transfer duty (Stamp Duty). [Read more…]

Payroll tax and your business

In Queensland, businesses that pay wages of more than $21,153 a week or are a member of a group that exceed this amount must register to pay payroll tax.[1] Businesses that overlook this obligation risk considerable penalties if they fail to register in time. This article outlines businesses obligation in relation payroll tax and how to take advantage of any exemptions. [Read more…]

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