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Tax Bites: Bequeaths of assets to non-residents of Australia
It is not uncommon to come across bequeaths of assets under the Will of a deceased person to non-resident beneficiaries.... read more
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Introduction of Single Touch Payroll
Single Touch Payroll (STP) is a new Government initiative that will require employers to report various payroll related payments such... read more
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Tax Bites: Land Tax Joint Ownership Assessments
The assessment of land tax on land held by joint owners often creates confusion with the perception arising of duplication... read more
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Tax Bites: Division 7A still causes confusion
Division 7A of the ITAA36 has been operational since 1997. However, the provisions are complex and their application extends beyond... read more
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Tax Bites: Introducing GST Withholding Tax
Making good on an announcement made in the May 2017 Federal Budget, the Government has introduced draft legislation which, if... read more
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Tax Bites: Timing mismatches between expenditure and income items between related parties
Section 82KK of the Income Tax Assessment Act 1936 is an often overlooked section which can act to deny deductions... read more
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FBT and the 2017/18 Festive Season
With the 2017/18 festive season fast approaching, it is worthwhile having a refresher of the Fringe Benefits Tax (FBT) implications... read more
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Tax Bites: Properties used in a business of a related entity
When applying the Small Business CGT Concessions, one of the threshold tests is firstly determining whether the asset being disposed... read more
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Banks Group has achieved Xero Certified Platinum Partner status
It's official - we've gone platinum! We're delighted to announce that our knowledge and expertise has seen us achieve Xero... read more
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Tax Bites: 30% tax rate or 27.5% tax rate?
As a result of some confusion, the Federal Government has introduced legislation to confirm when a company is eligible to... read more