Our Recent Blogs
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.
ATO's Tips for Correctly Claiming Deductions for Rental Properties
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.
ATO’s ‘Main Residence Exemption Tips’
The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in.
Illegal Early Access to Super
Faced with tough times, some people may be thinking about accessing their super early.
Taxpayers may have been approached by someone (a 'promoter') claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday.
ATO Issues Notice of Crypto Assets Data-Matching Program
The ATO has advised that it will acquire account identification and transaction data from crypto designated service providers for the 2024 to 2026 income years.
NFPs Need to Get Ready for New Return
From 1 July 2024, non-charitable not-for-profits ('NFPs') with an active Australian Business Number ('ABN') will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status.
Support Available for Businesses Experiencing Difficulties
By paying their tax bill in full and on time, taxpayers can avoid paying the general interest charge ('GIC'), which is currently 11.34%, and which accrues daily for any overdue debts.
The ATO advises taxpayers that, if their business is dealing with financial difficulties, there are some options to help make their tax bill "less taxing".
ATO's Three Focus Areas This Tax Time
The ATO will be taking a close look this 'tax time' at the following common errors made by taxpayers:
Work related expenses: Taxpayers using the 'revised fixed rate method' of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked from home, and the additional running costs they incurred to claim a deduction.
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.