Australian Taxation & Compliance Updates

Continuing our review of ATO benchmarks, we review the performance benchmark rates for businesses in the cabinet makers industry. Businesses in this industry typically manufacture and install cabinets for kitchens, bathrooms, wardrobes and shop fittings.

Benchmarks are one of the indicators that the ATO uses to identify businesses for review or audit. The ATO releases performance benchmark rates each year for businesses across a number of industries to compare their operations against industry expectations.

A recent tax determination has confirmed that the annual membership fee for airport lounges is deductible if the membership holder has an employment relationship with the bill payer.

Continuing our series on tax deductions for employees in specific industries, the following are common deductions for teachers.

It’s the start of the new financial year, which means that it’s a good time to review the common tax deductions for employees in specific industries and occupations in order to maximise tax deductions and get into good record-keeping habits at the beginning of the new financial year.

If you are running a small business, pass the aggregated $2 million turnover test or pass the $6 million net asset value test, you may be entitled to the Small Business CGT Concessions when you sell active business assets.

As part of the governments focus on strengthening our foreign resident capital gains tax (CGT) regime, new rules will soon apply to sales of Australian real property with a market value of $2 million or more.