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.
Varying PAYG instalments due to Covid-19.
Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.
To assist taxpayers who continue to be affected by Covid-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.