Debbie Grace 31/10/24 Debbie Grace 31/10/24

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.

Debbie Grace 22/10/24 Debbie Grace 22/10/24

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.

Debbie Grace 8/10/24 Debbie Grace 8/10/24

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...

Debbie Grace 1/10/24 Debbie Grace 1/10/24

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.

Debbie Grace 24/9/24 Debbie Grace 24/9/24

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.

Debbie Grace 17/9/24 Debbie Grace 17/9/24

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.

Debbie Grace 10/9/24 Debbie Grace 10/9/24

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.

Debbie Grace 3/9/24 Debbie Grace 3/9/24

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).

Debbie Grace 29/8/24 Debbie Grace 29/8/24

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...

Debbie Grace 27/8/24 Debbie Grace 27/8/24

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...

Debbie Grace 22/8/24 Debbie Grace 22/8/24

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.

Debbie Grace 20/8/24 Debbie Grace 20/8/24

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.

Debbie Grace 16/8/24 Debbie Grace 16/8/24

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.

Debbie Grace 13/2/24 Debbie Grace 13/2/24

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.

Debbie Grace 30/5/23 Debbie Grace 30/5/23

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.

Debbie Grace 23/11/21 Debbie Grace 23/11/21

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.

Debbie Grace 9/11/21 Debbie Grace 9/11/21

Further extension on work-from-home shortcut method.

The Australian Taxation Office has confirmed it will, yet again, extend the work-from-home shortcut deduction method until the end of June 2022.

Debbie Grace 29/9/21 Debbie Grace 29/9/21

Extra “super” step when employing new staff.

From 1 November 2021, if you have employed new staff, you may have to take an extra step to comply with choice of fund rules if they don’t nominate a super fund.