Our Recent Blogs
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.
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.
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.
Divisional 293 concessional contribution assessments have been issued.
The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years.