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What you should know about credit reporting bureaus?

A credit bureau is a body that collects, holds and distributes data from credit providers that pertain to a borrower’s financial history. This information forms your credit report. Each of the credit reporting agencies operating in Australia has to send you a...

Overview of Employee Share Schemes for SME’s

Overview Employee share schemes (ESS) have been around for some time now but have become more prevalent of late in Australia, especially with the introduction of the “start-up concessions” and other improvements from 1 July 2015.  The tax implications of issuing ESS...

Share Trader versus Share Investor

Hill v FCT (2019) AAT 1723 The Tribunal has held that a taxpayer who traded shares was not carrying on a business, and therefore, was not entitled to claim losses or carry them forward in the 2015, 2016 and 2017 income years. It was found that overall the share...

Changes to the timing of Statutory Deposits

The NSW Parliament has passed legislation to change the timing of statutory deposits under the Legal Profession Uniform Law Application Regulation 2015. Prior to the changes, Law Practices were required to calculate on an annual basis the requirement to make a...

Interest deductions to be denied for holding vacant land

Under certain circumstances pre-1 July 2019, the ATO agreed that an interest deduction should be allowed for holding vacant land.  Typically, the taxpayer’s argument was accepted where the interest was incurred on borrowed funds used to acquire a property that was...

Financial reporting thresholds have increased

The financial reporting thresholds for ‘large’ proprietary companies have increased effective from 1 July, 2019.  For the 2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following criteria: The consolidated revenue...
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