Our Recent Blogs
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.
Super Compliance: A Crucial Update for Small Businesses.
The ATO has implemented a significant upgrade to the SBSCH, introducing SMSF bank account validation to bolster the precision and security of super contributions. This development affects all small employers utilising the SBSCH to manage super payments to their employees' SMSFs.
The growing impact of cybersecurity: safeguarding our digital economy.
In the digital age, where information is the new currency, cybersecurity has become a paramount concern for everyone. In this blog, we delve into the impacts of cybersecurity breaches on businesses, highlighting the importance of proactive measures to safeguard our digital infrastructure.
New ATO guidance on “who is an employee?”
The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes.
Random ATO audits ensure employment tax compliance for businesses.
The ATO has recently initiated random audits on businesses to assess their employment tax compliance and proper record-keeping.
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.
Changes in reporting requirements for sporting clubs.
Not-for-profits ('NFPs'), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption.
Sale of land subject to GST.
The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer.