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Tax on gifts and donations Posted on Dec 16, 2015 by editor

Tax

Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the following four conditions: the gift must “truly be a gift”; that is, a voluntary transfer of money or property where the giver receives no material benefit or advantage. the gift must be made to a deductible gift recipient (DGR) the gift must be money or property the gift must comply with any relevant conditions. For some DGRs, the income tax […]

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ATO targeting private school parents Posted on Dec 8, 2015 by editor

Tax

In the latest crackdown on tax evasion, the ATO is targeting parents suspected of paying their children’s private school fees from secret offshore bank accounts. Following concerns that overseas accounts are being used to hide away secret funds, the tax office will be contacting more than 100 parents with private school fees of up to $100,000 per year paid from offshore accounts this week. While there is nothing wrong with Australians having an offshore account, those individuals are still required to pay tax on the account’s interest or earnings. Suspected parents will be asked to provide documents and attend interviews […]

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Government introduces significant tax changes in innovation statement Posted on Dec 8, 2015 by editor

Tax

Significant tax breaks and incentives for Australian investors were unveiled on Monday when the Turnbull government released their National Innovation and Science Agenda. The tax changes are designed to help support start-ups to develop their ideas in Australia. Investors will now be able to access a 20 per cent tax offset instead of deductions or a (CGT) exemption in start-up companies that are less than three years old, are unlisted, and received less than $20,000 in income in the previous year. The reason for changing to the offset model over a deduction is because it will benefit people more evenly […]

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