Show all COVID-19 Economy Financial General GST Small Business Small Business Software Superannuation Tax
October 3, 2024
The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name...
October 3, 2024
One of the many responsibilities SMSF trustees have every income year is valuing their fund’s assets at market value. The...
October 3, 2024
Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to...
October 3, 2024
The digital identity app ‘myGovID’ will soon be changing its name to ‘myID’. While the name is changing, the login...
October 3, 2024
Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside...
September 2, 2024
The Administrative Appeals Tribunal (‘AAT’) recently affirmed the ATO’s decision to impose shortfall penalties on a taxpayer who had lodged...
September 2, 2024
The ATO is reminding investors who purchased new shares in a qualifying ‘early stage innovation company’ (‘ESIC’) that they may...
September 2, 2024
Taxpayers need to consider what work-related expenses they will be looking to claim in the new financial year, and what...
September 2, 2024
Additional tax liabilities may arise when money or assets of a foreign trust are paid to a taxpayer or applied...
September 2, 2024
GST classification errors can lead to significant under-reporting of GST for some taxpayers. The ATO recently issued guidance for small...
September 2, 2024
With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers)...
August 5, 2024
The Federal Court has recently overturned an Administrative Appeals Tribunal (‘AAT’) decision that a taxpayer was a resident of Australia...
August 5, 2024
SMSFs cannot acquire an asset from a ‘related party’ (such as a member or their spouse or relative) unless it...
August 5, 2024
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed, having...
August 5, 2024
Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that...
August 5, 2024
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full...
August 5, 2024
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs...
July 4, 2024
The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and...
July 4, 2024
Non-charitable not-for-profits (‘NFPs’) with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to...
July 4, 2024
The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if...
July 4, 2024
Family trust distribution tax (‘FTDT’) is a special, 47%, tax sometimes payable by a trustee, director or partner. It applies...
July 4, 2024
The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years, including individuals’...
July 4, 2024
The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they...
June 14, 2024
Running a business isn’t easy, and one of the toughest parts is figuring out where the real pain points are...
June 13, 2024
The ATO has advised that it will acquire account identification and transaction data from crypto designated service providers for the...
June 13, 2024
To avoid an unfranked dividend under the Division 7A rules, loans from a private company to its shareholders or their...
June 13, 2024
By paying their tax bill in full and on time, taxpayers can avoid paying the general interest charge (‘GIC’), which...
June 13, 2024
As trustees prepare for year-end distributions, they should do the following: Review the relevant trust deed to ensure they are...
June 13, 2024
The ATO reminds employers they need to keep on top of their payroll governance. This includes: Using their tax and...
June 13, 2024
The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work...
May 15, 2024
1. Personal income tax measures 1.1 Stage three personal tax cuts The Government has confirmed the revised stage three personal...
May 6, 2024
The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation...
May 6, 2024
From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a...
May 6, 2024
The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat...
May 6, 2024
Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by...
May 6, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support...
May 6, 2024
The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The...
April 6, 2024
Taxpayers should remember that, if over half their income is from a contract for their personal effort or skills, then...
April 6, 2024
The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was a tax resident of Australia, even though he was...
April 6, 2024
SMSFs need to appoint an auditor no later than 45 days before they lodge their SMSF annual return (‘SAR’). In...
April 6, 2024
SMSFs must report certain events that affect any member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). ...
April 6, 2024
The ATO has updated its small business benchmarks for 2021-22. These benchmarks help taxpayers compare their business turnover and expenses...
April 6, 2024
Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to...
March 7, 2024
Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional...
March 7, 2024
Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28...
March 7, 2024
A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail...
March 7, 2024
The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top...
March 7, 2024
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of...
March 7, 2024
The big news story for those contributing to super is that the contribution caps are set to increase from the...
February 12, 2024
Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will...
February 12, 2024
Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return...
February 12, 2024
The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely...
February 12, 2024
The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a...
February 12, 2024
A Wheelers Hill man was recently sentenced to three years and six months imprisonment for defrauding the ATO of nearly...
February 12, 2024
The ATO recently issued a ruling which explains when an individual is an ’employee’ of an entity for pay as...
February 5, 2024
If you have a HELP Debt as well as some spare savings lying around that you don’t know what to...
December 4, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date...
December 4, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for...
December 4, 2023
Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until...
December 4, 2023
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor...
December 4, 2023
The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities...
December 4, 2023
The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of...
November 2, 2023
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments...
November 2, 2023
The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including...
November 2, 2023
Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following...
November 2, 2023
Generally, before SMSF trustees pay a member’s super benefits, they need to ensure that: The member has reached their preservation...
November 2, 2023
Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a...
October 5, 2023
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be...
October 5, 2023
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of...
October 5, 2023
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more...
October 5, 2023
The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the...
October 5, 2023
The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax...
September 4, 2023
The ATO recently explained how to determine the principal purpose of a car for ‘luxury car tax’ (‘LCT’) purposes (since...
September 4, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole...
September 4, 2023
On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for...
September 4, 2023
The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant...
September 4, 2023
The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later...
August 3, 2023
The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their...
August 3, 2023
Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses...
August 3, 2023
The ATO reminds taxpayers that it is now time for them to check if their business needs to lodge a...
August 3, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made...
August 3, 2023
Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be...
July 17, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that tuition fees for a public policy Masters course were not deductible, on...
July 17, 2023
The ATO reminds taxpayers that, on 1 July 2023, the general transfer balance cap will be indexed. Individuals will have...
July 17, 2023
The ATO advises taxpayers that, if they or an associate take a loan from their private company, they should not...
July 17, 2023
The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving...
July 17, 2023
Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated...
July 17, 2023
The Federal Court has found that four companies that are or were part of the AMP Group breached the law...
June 7, 2023
On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the...
June 7, 2023
The ATO has announced its three key focus areas for this Tax Time: rental property deductions; ...
June 7, 2023
The ATO has advised that, in the lead up to 30 June, trustee clients who wish to make beneficiaries presently...
June 7, 2023
Editor: A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making...
June 7, 2023
The ATO will acquire ride sourcing data relating to approximately 200,000 individuals to identify individuals that may be engaged in...
May 4, 2023
Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to...
May 4, 2023
The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22...
May 4, 2023
The ATO recently released draft guidelines setting out a methodology for calculating the cost of electricity when an electric vehicle...
May 4, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that two taxpayers were not carrying on a business of providing services to...
May 4, 2023
The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits...
April 14, 2023
The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million...
April 14, 2023
The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge...
April 14, 2023
Until recently, the FBT consequences for providing electric cars to employees were effectively the same as any other car. However...
April 14, 2023
If you have a study and training loan balance (e.g., a HELP debt), it may be worthwhile to consider methods...
April 14, 2023
Employers are reminded that the SG obligation for the 1 January 2023 to 31 March 2023 quarter is due by...
March 3, 2023
Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had...
March 3, 2023
An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their...
March 3, 2023
A raft of enforcement activity has been undertaken across the country by the ATO-led Serious Financial Crime Taskforce, including the...
February 8, 2023
A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not...
February 8, 2023
Legislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law. Certain zero...
February 8, 2023
In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55...
February 8, 2023
The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on...
December 1, 2022
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied...
December 1, 2022
The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete...
December 1, 2022
The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at...
December 1, 2022
The AAT has also held that a taxpayer, an Australian chef with over 20 years’ experience both in Australia and...
December 1, 2022
The ATO is reminding employers that, when they have new employees that have not provided them with their choice of...
November 3, 2022
The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the...
November 3, 2022
The ATO has reached out to small businesses who may have recently received a letter advising that they have a...
November 3, 2022
The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice...
November 3, 2022
The ATO is reminding employers that the holiday season is fast approaching, and that their holiday casuals may now be...
November 3, 2022
The ATO is aware of the recent Optus data breach and that people who have been affected might be concerned...
September 30, 2022
The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in...
September 30, 2022
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through...
September 30, 2022
Clients using myGov will see that it has recently been updated with a new look and more features. When signed...
September 30, 2022
The AAT has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of...
September 30, 2022
Editor: The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the...
September 30, 2022
The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28...
September 30, 2022
The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the...
September 6, 2022
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible...
September 6, 2022
The ATO is reminding trustees of self-managed super funds (‘SMSFs’) that they need to appoint an approved SMSF auditor no...
September 6, 2022
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs. It ranks...
September 6, 2022
The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and...
September 6, 2022
The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating...
August 11, 2022
The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include...
August 11, 2022
The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a...
August 11, 2022
When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour...
August 11, 2022
In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has...
July 14, 2022
The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22...
July 14, 2022
The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and...
July 14, 2022
The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to...
July 14, 2022
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains...
July 14, 2022
From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to...
July 14, 2022
The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28...
June 7, 2022
The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping. ...
June 7, 2022
Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their...
June 7, 2022
As the new financial year approaches, employers need to be aware of two important super changes. From 1 July 2022...
June 7, 2022
Due to “unavoidable delays caused by improvements to” its systems, the ATO will start issuing requests to release excess contributions...
June 7, 2022
Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy...
June 7, 2022
Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need...
June 7, 2022
An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance...
June 7, 2022
The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed...
June 7, 2022
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result...
April 5, 2022
Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase...
April 5, 2022
Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by...
April 5, 2022
The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their...
April 5, 2022
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted...
April 5, 2022
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards...
April 5, 2022
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries...
March 3, 2022
After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will...
March 3, 2022
A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include: Removing the $450...
March 3, 2022
As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other...
March 3, 2022
Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of...
March 3, 2022
As of 30 June 2021, SMSFs have been reported as making up 25% of all super assets (i.e., $822 billion...
March 3, 2022
Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals...
March 3, 2022
The ATO has advised it is in the process of shifting from its previous engagement and communication focus on Single...
February 8, 2022
As many of you will already be aware, David Livingstone, our founder and one of our fearless leaders, will officially...
February 8, 2022
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such...
February 8, 2022
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to...
February 8, 2022
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards...
February 8, 2022
As we recently communicated, the High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers...
February 8, 2022
The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number...
February 8, 2022
The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022...
December 3, 2021
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to...
December 3, 2021
The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a...
December 3, 2021
The High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers tax’) did not apply...
December 3, 2021
Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and...
December 3, 2021
The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help...
December 3, 2021
The ATO has advised it will acquire Medicare Exemption Statement (‘MES’) data relating to approximately 100,000 individuals from Services Australia...
November 9, 2021
At Participating Somerville Retailers Please support all our local businesses by coming into Somerville increasing the foot traffic in all...
November 9, 2021
As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This...
November 9, 2021
Taxpayers can vary their pay as you go (‘PAYG’) instalments throughout the year if they think they will pay too...
November 9, 2021
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements...
November 9, 2021
The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years...
November 9, 2021
The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30...
October 5, 2021
Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a...
October 5, 2021
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will...
October 5, 2021
With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time...
October 5, 2021
The ATO is currently reviewing certain arrangements where Australian taxpayers seek to disguise undeclared foreign income as a gift or...
October 5, 2021
The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees...
October 5, 2021
The Paid Parental Leave (‘PPL’) scheme has been amended to enable expectant parents whose work has been affected by COVID-19...
October 5, 2021
Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees. From 1...
September 2, 2021
The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under...
September 2, 2021
The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery...
September 2, 2021
In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding...
September 2, 2021
The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Editor: Division 293...
September 2, 2021
The ATO has released a Ruling explaining: when an employee can deduct accommodation and food and drink expenses...
September 2, 2021
The JobMaker Hiring Credit scheme’s third claim period is now open, so if a taxpayer has taken on additional eligible...
September 2, 2021
The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief...
August 17, 2021
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions...
August 17, 2021
The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%. Ref:...
August 17, 2021
Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they...
August 17, 2021
The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee...
August 17, 2021
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The...
August 17, 2021
2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building...
August 17, 2021
Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may...
July 8, 2021
Last week we caught up with Melanie Such from Atlas Broker to share her first insurance presentation to our team...
July 6, 2021
The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28...
July 6, 2021
Editor: Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments (‘MYR’) before...
July 6, 2021
The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such...
July 6, 2021
The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters, so if they...
July 6, 2021
Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a...
July 6, 2021
The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF...
July 6, 2021
The ATO has advised that it will engage in two new data matching programs, as outlined below: – the ATO...
June 9, 2021
What does this mean for you:- Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens...
June 9, 2021
The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are...
June 9, 2021
The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to...
June 9, 2021
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need...
June 9, 2021
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are...
June 9, 2021
The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and...
June 9, 2021
The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in...
June 9, 2021
The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25. This replaces the amount of...
June 9, 2021
The ATO has updated the luxury car tax (‘LCT’) thresholds for the 2021/22 financial year. The LCT threshold for fuel...
June 9, 2021
The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined...
June 2, 2021
During the latter half of the 2020 year the State Revenue Office (SRO) announced two relief measures relating to 2021...
June 2, 2021
In light of the circuit breaker restrictions announced on 27 May 2021, the Victorian Government has launched the $250 million...
May 5, 2021
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The...
May 5, 2021
The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial...
May 5, 2021
The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them...
May 5, 2021
Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution...
May 5, 2021
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees...
May 5, 2021
The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses...
April 7, 2021
The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the...
April 7, 2021
The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have...
April 7, 2021
On 24 March 2021, the Full Federal Court handed down its decision in a case concerned with the requirement that...
April 7, 2021
A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement...
April 7, 2021
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments...
April 7, 2021
The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22...
April 7, 2021
The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new...
April 7, 2021
The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide...
March 3, 2021
The superannuation guarantee (‘SG’) amnesty ended on 7 September 2020. Employers who disclosed unpaid SG amounts and qualified for the...
March 3, 2021
The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment. Instead, electronic activity...
March 3, 2021
Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also...
February 12, 2021
It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to...
February 12, 2021
The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as...
February 12, 2021
The ATO has announced it will engage in the following data-matching programs: – it will acquire motor vehicle registry data...
February 12, 2021
The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the “in-house asset rules”...
February 12, 2021
On 21 December 2020, the AAT handed down its decision in a case relating to a taxpayer’s eligibility for JobKeeper...
February 12, 2021
The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30...
February 12, 2021
The Government has provided an update of a number of new measures which came into effect from 1 January 2021...
December 17, 2020
The JobKeeper Extension 2 is set to start from Monday 4 January 2021. If you are eligible for JobKeeper Extension 2, these...
December 3, 2020
The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full...
December 3, 2020
The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to...
December 3, 2020
The ATO will acquire visa data from the Department of Home Affairs for 2020/21 through to 2022/23, relating to approximately...
December 3, 2020
The ATO is warning taxpayers who may be thinking about pausing, changing or closing their business, due to the current...
December 3, 2020
Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver...
December 3, 2020
The government has announced it will introduce an exemption from FBT for retraining and reskilling benefits provided by employers to...
December 3, 2020
Editor: The margin scheme may allow a property owner to pay less GST when they sell the property — paying...
November 10, 2020
The Australian Prudential Regulation Authority (‘APRA’) has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an...
November 10, 2020
The ATO understands the way some businesses operate has been impacted as a result of COVID-19. Some of these impacts...
November 10, 2020
The Government has made another determination extending the timeframe within which companies can hold meetings electronically and enabling electronic signatures...
November 10, 2020
Given that many Australians continue to work from home due to COVID-19, the ATO has updated its Practical Compliance Guideline...
November 10, 2020
Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments...
November 10, 2020
The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the...
November 10, 2020
The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure...
October 8, 2020
In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of...
October 8, 2020
Broadly, JobKeeper Payments received by an employer are assessable income to the employer. Likewise, the payments an employer subsequently makes...
October 8, 2020
Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing...
September 11, 2020
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020. This is primarily...
September 11, 2020
On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e...
September 11, 2020
Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch...
September 11, 2020
Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around!...
August 12, 2020
Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1...
August 12, 2020
From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be: – $1,200 per fortnight for all...
August 12, 2020
Sadly, many Australian businesses are a long way from trending back to ‘normal’ as we approach 27 September 2020, the...
July 8, 2020
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that...
July 8, 2020
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of...
July 8, 2020
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed...
July 8, 2020
Treasury Laws Amendment (2020 Measures No 3) Bill 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed...
June 4, 2020
Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and...
June 4, 2020
The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’). ...
June 4, 2020
The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all...
June 4, 2020
Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to...
May 7, 2020
As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home. To make...
May 7, 2020
As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property...
May 7, 2020
A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper...
May 7, 2020
The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change...
April 9, 2020
A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the...
April 9, 2020
On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty. This amnesty allows employers to disclose and pay...
April 9, 2020
The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business...
April 9, 2020
The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth...
April 9, 2020
The ATO will also implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of...
April 8, 2020
The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they...
March 13, 2020
Updated 23/03/2020 On the 12/03/2020, the government announced an “Economic Response” to the continuing Coronavirus outbreak. These have since been...
March 12, 2020
As of 18 February 2020, GST has been added to the current Director Penalty Notices (DPN) regime. From then, Directors...
February 25, 2020
Whether you are in business or not, understanding your spending is critical. In fact, for small business owners, planning and...
December 19, 2019
Before we go on it is important to preface this article by acknowledging that we are not financial planners and...
May 20, 2019
The 2019 election was, if nothing else, an interesting one. As Bill Shorten and Sportsbet (paid out $5.2 million after...
April 9, 2019
Accounting software these days can be pretty damn efficient! As much potential that your software has, it’s normally only as...
November 29, 2018
Written by Luke Wade It seriously worries me when people neglect their super! Sadly, whether you’re self-employed or not, super...
October 10, 2018
Written by Luke Wade Accountants have been banging on about ‘cloud’ accounting software for the best part of a decade...
June 20, 2018
Whether you like it or not, Single Touch Payroll (STP) is coming; and when it does, it’ll be here to...
June 19, 2018
Written by Peter Beckett I’m obviously an Accountant by profession. This means that I spend the majority of my working...
June 15, 2018
Written by Peter Beckett As a tax agent, over the past 30-odd years (it hurts me to write that), I...
May 31, 2018
Just last week the government announced new legislation which provides a 12-month amnesty period for employers to self-correct prior super...