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From the 1st of April, 2016 small businesses in Australia can provide employees with multiple work related devices without incurring a fringe benefits tax (FBT) liability. The devices can include: laptops tablets calculators GPS navigation receivers mobile phones Currently an FBT exemption can apply to more than one portable electronic device used primarily for work […]

HM Revenue has issued draft legislation confirming Replacement Furniture Relief will replace the 10% wear and tear allowance for furnished rental properties located in the UK from the 6th of April 2016. More specifically, from the start of the next UK tax year for UK purposes tax relief will be given against rental income for:

A new consultation paper issued by HM Revenue is proposing anti-avoidance legislation to prevent limited company owners from extracting income as capital. These proposals are likely to prove highly controversial, as they include an attack on the capital gains tax treatment (often with Entrepreneurs Relief available, reducing the tax rate on the gain to 10%)

HM Revenue in the UK presently has a campaign running which is inviting individuals with let property which is subject to UK tax and who have not previously made this known to approach HM Revenue with a notification of a liability to income tax, in the form of a voluntary disclosure. The HMRC website advises

Do you own a rental property in Australia? If so, are you claiming all of the tax deductions to which you are entitled? And … if you are a tax resident of Australia who is subject to Australian tax on your worldwide income and are letting a property elsewhere in the world – for example,

The UK Budget in July proposed significant changes to the rules affecting non-UK domiciled individuals. It is proposed that from the 6th of April 2017, anyone who has been a resident of the UK for 15 of the last 20 years will no longer qualify for non-UK domiciled status, and will be deemed UK domiciled

Many congratulations to our Avril Bruins who has become a member of CPA Australia today! CPA Australia is one of the foremost professional accounting bodies in Australia. Avril works alongside principal Jane Cooper in our WA office.

Two key deadlines are approaching for the submission of UK and Australian tax returns. If you don’t have matters in hand you may need to act now. If you haven’t yet lodged your 2015 Australian tax return and don’t have a Registered Tax Agent looking after you the deadline for lodging the tax return with

Individuals who are moving to the UK on a temporary basis can significantly reduce their liability to UK tax by making the most of this tax planning strategy. A tax saving is usually available for individuals who are assigned to the UK by an overseas employer for a period of up to two years. HM

As reported in our previous blog the sale of UK residential property by non-resident individuals from the 6th of April, 2015 is now subject to capital gains tax in the UK. The capital gains tax liability is to be computed with reference to the value of the property on the same date (or the cost