Our Recent Blogs
Hiring Employees for the Festive Season
As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations…
ATO's Notices of Data-Matching Programs
The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details.
Government’s Payday Super
Treasury has released a fact sheet with proposed details about the Government's 'payday super' measure. From 1 July 2026, employers will be required to make SG contributions on 'payday', the date of an ordinary times earnings payment to an employee.
Valuing Fund Assets for SMSFs
One of the many responsibilities SMSF trustees have every income year is valuing their fund's assets at market value.
ATO Security Safeguards for Victims of Fraud Recently Enhanced
Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm.
myGovID Changing Its Name to myID
The digital identity app 'myGovID' will soon be changing its name to 'myID'. While the name is changing, the login and security will not change.
Avoid a Tax Time Shock
Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year...
Small Business Concessions
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.
Salary Package Rental Property Expenses to Avoid GST
A smart salary packaging strategy for employees who own residential rental properties involves optimizing their expenses by selectively packaging certain costs related to the property.
Understanding the Electric Vehicle Home Charging Rate
In the ever-evolving landscape of electric vehicles (EVs), one key aspect for both employers and individuals is understanding how to calculate the cost of charging these vehicles at home.
Tax Incentives for Early Stage Investors
The ATO is reminding investors who purchased new shares in a qualifying ‘early stage innovation company' ('ESIC') that they may be eligible for tax incentives.
Federal Court Overturns AAT's Tax Resident Decision
The Federal Court has recently overturned an Administrative Appeals Tribunal ('AAT') decision that a taxpayer was a resident of Australia for tax purposes (even though he was mostly living and working overseas during the relevant period).
SMSFs Acquiring Assets from Related Parties
SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is...
Importance of Good Record Keeping When Claiming Work-Related Expenses
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed, having regard to the following in particular...
Small Business Energy Incentive Available for the 2024 Income Year
Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive.
Notice of Online Selling Data-Matching Program
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full names, dates of birth, addresses, emails, business names, ABNs, contact phone numbers and account details.
Do You Need to Lodge a SGC Statement by 28 August 2024?
Just a reminder - if super guarantee payments for the June 2024 quarter were not paid by 28 July 2024, and have either since been paid or remain outstanding, a super guarantee charge statement form is required to be lodged with the ATO before 28 August 2024.
Deductions denied for work-related expenses.
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied.
Testamentary Trusts.
The only two things in life that are certain – taxes and death. However, there is a way to reduce the exposure to tax for beneficiaries by establishing a Testamentary Trust. Testamentary Trusts are established by a will and only come into effect when the person passes.
Reminder: Stapled Super Fund Requests now live.
From November 1, 2021 the ATO’s Stapled Superannuation Fund Request initiative became live. Which means if you have employed staff since this date and they have not nominated a super fund, you will need to request your employee’s stapled super fund via ATO Online Services.