Changes to the PPSR Rules

Changes to the PPSR for your business Recently the federal government introduced legislation which will change the criteria for registering leases on the Personal Property Securities Register. The change will mean that no registration is required unless the lease is for over two years. Also, for leases that are on an indefinite basis, two years […]

Main residence exemption for deceased estates

Extending the two year main residence exemption When Tax Laws Amendment (2011 Measures No 9) Bill 2011 was given royal assent on 21 March 2012, it allowed certain discretions to the Commissioner of Taxation. One such discretion under ITAA 1997 s 118-195 allowed an extension of time for capital gains tax exemption for a dwellings […]

Transfer pricing record-keeping

Transfer pricing record-keeping made simple Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies: Small taxpayers with turnover under $25m for the year for their “Australian economic group” (see below) Materiality. Total international related-party dealings represent not more than 2.5% of the total turnover for the Australian […]