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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...

2024/25 Federal Budget

1. Personal income tax measures 1.1 Stage three personal tax cuts The Government has confirmed the revised stage three personal...

Taxpayer unsuccessful in having excess contributions reallocated

The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation...

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...

ATO issues warning about false invoicing arrangements

The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat...

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...

What to know about disaster relief payments

Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support...

Government warns of ‘malicious’ myGov scammers

The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The...

Earning income for personal effort

Taxpayers should remember that, if over half their income is from a contract for their personal effort or skills, then...

Taxpayer who lived and worked overseas found to be tax resident

The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was a tax resident of Australia, even though he was...

Prepare for upcoming lodgments of SMSF annual returns

SMSFs need to appoint an auditor no later than 45 days before they lodge their SMSF annual return (‘SAR’). In...

Quarterly TBAR lodgment reminder

SMSFs must report certain events that affect any member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). ...

Using the ATO’s small business benchmarks

The ATO has updated its small business benchmarks for 2021-22.  These benchmarks help taxpayers compare their business turnover and expenses...

How to claim working from home expenses

Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to...

Avoiding common Division 7A errors

Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional...

Penalties soon to apply for overdue TPARs

Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28...

Jail sentence for fraudulent developer

A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail...

FBT time is fast approaching!

The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top...

Small business concessions

The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of...

Super contribution caps to rise

The big news story for those contributing to super is that the contribution caps are set to increase from the...

Government announces changes to proposed ‘Stage 3’ tax cuts

Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will...

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...

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...

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...

Melbourne man sentenced to jail for attempting to defraud the ATO

A Wheelers Hill man was recently sentenced to three years and six months imprisonment for defrauding the ATO of nearly...

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...

Do you have a HELP Debt?

If you have a HELP Debt as well as some spare savings lying around that you don’t know what to...

Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date...

Claiming deductions in relation to a holiday home

Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for...

Don’t forget the two further ‘boosts’!

Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until...

ATO warning regarding prohibited SMSF loans

Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor...

Notice of officeholder data-matching program

The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities...

ATO’s lodgment penalty amnesty is about to end

The ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken advantage of...

Losses in crypto investments for SMSFs

Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments...

Notice of visa data-matching program

The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including...

ATO says: “Be cyber wise, don’t compromise”

Throughout the 2022 income year, one cybercrime was reported every seven minutes.  The ATO encourages taxpayers to implement the following...

Care required in paying super benefits

Generally, before SMSF trustees pay a member’s super benefits, they need to ensure that: The member has reached their preservation...

Tax issues for businesses that have received a support payment

Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a...

Deduction for contributions denied due to notice requirement problems

The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be...

Remember the unused concessional contributions cap concession

As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of...

Mildura man jailed for seven years for GST fraud

A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more...

Choosing the right PAYG instalment method

The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the...

Taxpayers need to get their ‘rental right’

The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax...

Luxury car tax: determining a vehicle’s principal purpose

The ATO recently explained how to determine the principal purpose of a car for ‘luxury car tax’ (‘LCT’) purposes (since...

NALI provisions did not apply to loan structure

The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole...

Different meanings of ‘dependant’ for superannuation and tax purposes

On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for...

ATO gives ‘green light’ to lodge

The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant...

Appointing an SMSF auditor

The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later...

Downsizer contribution measure eligibility has been extended

The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their...

Claiming GST credits for employee expense reimbursements

Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses...

Lodging of Taxable payments annual reports

The ATO reminds taxpayers that it is now time for them to check if their business needs to lodge a...

Reallocation of excess concessional contributions denied

The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made...

Changes to deductions this tax time

Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be...

Masters course fees not deductible as self-education expenses

The Administrative Appeals Tribunal (‘AAT’) has held that tuition fees for a public policy Masters course were not deductible, on...

Proportional indexation of transfer balance caps from 1 July 2023

The ATO reminds taxpayers that, on 1 July 2023, the general transfer balance cap will be indexed. Individuals will have...

Know your private company loan arrangements before you lodge

The ATO advises taxpayers that, if they or an associate take a loan from their private company, they should not...

Minimum annual payments for super income streams

The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving...

The super guarantee rate is increasing

Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated...

Court penalises AMP $24 million for charging deceased customers

The Federal Court has found that four companies that are or were part of the AMP Group breached the law...

2023/24 Budget Update

On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the...

In the ATO’s sights this Tax Time

The ATO has announced its three key focus areas for this Tax Time:       rental property deductions;  ...

ATO advice regarding year-end trustee resolutions

The ATO has advised that, in the lead up to 30 June, trustee clients who wish to make beneficiaries presently...

‘Side hustles’ in the ATO’s sights

Editor: A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making...

ATO ride sourcing data-matching program

The ATO will acquire ride sourcing data relating to approximately 200,000 individuals to identify individuals that may be engaged in...

Last chance to claim deductions under temporary full expensing

Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to...

Residential investment property loan data-matching program

The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22...

Electric vehicle home charging rates: cents per km

The ATO recently released draft guidelines setting out a methodology for calculating the cost of electricity when an electric vehicle...

Taxpayers not carrying on an agistment business

The Administrative Appeals Tribunal (‘AAT’) has held that two taxpayers were not carrying on a business of providing services to...

Know the rules for accessing superannuation

The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits...

New 15% super tax to apply from 1 July 2025

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million...

Start thinking about your FBT obligations

The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge...

FBT exemption for electric cars

Until recently, the FBT consequences for providing electric cars to employees were effectively the same as any other car.  However...

Tips to reduce study and training loan balances

If you have a study and training loan balance (e.g., a HELP debt), it may be worthwhile to consider methods...

Reminder of March 2023 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that the SG obligation for the 1 January 2023 to 31 March 2023 quarter is due by...

Significant change to claiming working from home expenses

Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had...

Transfer balance cap indexation

An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their...

ATO and Australian Federal Police crackdown on GST-fraud promoters

A raft of enforcement activity has been undertaken across the country by the ATO-led Serious Financial Crime Taskforce, including the...

Super guarantee contributions for the December 2022 quarter

A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not...

Electric vehicle FBT exemption legislation is now law

Legislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law. Certain zero...

Further eligibility age change for downsizer contributions

In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55...

Builder unable to obtain refund of incorrectly charged GST

The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on...

ATO warning to SMSFs: “Paying the price for non-compliance”

There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied...

ATO’s record-keeping tips

The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete...

Input tax credits denied due to lodging BASs late

The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at...

Chef spending most of a year on cruise ships still a ‘resident’

The AAT has also held that a taxpayer, an Australian chef with over 20 years’ experience both in Australia and...

Requesting stapled super fund details for new employees

The ATO is reminding employers that, when they have new employees that have not provided them with their choice of...

Director ID deadline is approaching

The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the...

Why are credits and refunds being offset?

The ATO has reached out to small businesses who may have recently received a letter advising that they have a...

ATO advice for SMSFs thinking about investing in crypto assets

The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice...

Check that holiday employees get the right super

The ATO is reminding employers that the holiday season is fast approaching, and that their holiday casuals may now be...

Optus data breach

The ATO is aware of the recent Optus data breach and that people who have been affected might be concerned...

Banking business income to a private account

The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in...

‘Talking tax’ with new workers

The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through...

How the myGov update affects taxpayers

Clients using myGov will see that it has recently been updated with a new look and more features. When signed...

Input tax credits denied due to lodging BASs late

The AAT has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of...

Valuing fund assets for an SMSF’s annual return

Editor: The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the...

Super guarantee contribution due date for September 2022 quarter

The due date for employers to make super guarantee contributions for their employees for the September 2022 quarter is 28...

Varying PAYG instalments

The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the...

More COVID-19 business grants are now tax-free

The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible...

ATO reminder about appointing an SMSF auditor

The ATO is reminding trustees of self-managed super funds (‘SMSFs’) that they need to appoint an approved SMSF auditor no...

Super comparison tool updated

The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs. It ranks...

Small business tax incentives back on the table

The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and...

Rental properties and second-hand depreciating assets

The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating...

Tax time focus on rental property income and deductions

The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include...

Sessional lecturer entitled to superannuation support

The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a...

TD 2022/11 – Discretionary trusts and corporate beneficiaries

When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour...

Pandemic Leave Disaster Payment reinstated

In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has...

ATO’s small business focus for 2022 income year

The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22...

ATO targeting SMSFs that fail to lodge annual returns

The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and...

ATO updates ‘cents per kilometre’ rate for individuals

The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to...

ATO to target ‘wash sales’ this Tax Time

The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains...

Downsizer contributions age changes from 1 July 2022

From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to...

Super guarantee contribution due date for June 2022 quarter

The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28...

ATO priorities this tax time

The ATO has announced four key areas that it will be focusing on for Tax Time 2022:    Record-keeping.  ...

Avoid double dipping on your deductions

Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their...

Get ready for super changes from 1 July 2022

As the new financial year approaches, employers need to be aware of two important super changes. From 1 July 2022...

ATO to start clearing backlog of ENCC release authorities

Due to “unavoidable delays caused by improvements to” its systems, the ATO will start issuing requests to release excess contributions...

ATO warns about GST fraud

Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy...

Employers need to prepare for changes under STP expansion

Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need...

No reduction in the Private Health Insurance rebate as of 1 April 2022

An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance...

Disclosure of business tax debts

The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed...

High Court rejects attempt to disclaim interest in trust distribution

The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result...

2022-2023 Budget Measures that are now law

Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase...

Reminder of March 2022 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by...

Cents per kilometre deduction for car expenses – 2023 income year

The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their...

JobMaker Year 2: adjusting baseline headcount

If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted...

Re-contribution of COVID-19 early release super amounts

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards...

Penalties for overdue TPAR

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries...

Tax deductibility of COVID-19 test expenses

After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will...

Super changes and full expensing 12-month extension now law

A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include:    Removing the $450...

12-month extension of the temporary loss carry-back measure

As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other...

Keeping and maintaining SMSF records

Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of...

SMSF – statistical overview from 2020 lodgments published

As of 30 June 2021, SMSFs have been reported as making up 25% of all super assets (i.e., $822 billion...

New shield against debt recovery proposed for small business

Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals...

Small employers and STP – the ATO gets serious

The ATO has advised it is in the process of shifting from its previous engagement and communication focus on Single...

Farewell, David!

As many of you will already be aware, David Livingstone, our founder and one of our fearless leaders, will officially...

ATO support for businesses in difficult times

The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such...

Government extends SME Recovery Loan Scheme to 30 June 2022

The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to...

COVID-19 vaccination incentives and rewards

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards...

Higher PAYG withholding rates continue to apply to backpackers

As we recently communicated, the High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers...

Single Touch Payroll exemption extended for WPN holders

The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number...

Payment extension relating to JobKeeper objections

The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022...

Super is now following new employees

The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to...

ABN ‘intent to cancel’ program

The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a...

‘Backpacker tax’ may not apply to some backpackers

The High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers tax’) did not apply...

Beware of scams

Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and...

Managing business cash flow

The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help...

Data-matching program: Services Australia benefits and entitlements

The ATO has advised it will acquire Medicare Exemption Statement (‘MES’) data relating to approximately 100,000 individuals from Services Australia...

FREE XMAS GIVEAWAY DRAW

At Participating Somerville Retailers Please support all our local businesses by coming into Somerville increasing the foot traffic in all...

Preparing for the new Director ID regime

As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This...

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...

Permanent changes to AGMs and electronic communications

The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements...

Government payments data-matching program

The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years...

AUSTRAC transaction report information data-matching program

The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30...

Extra super step when hiring new employees

Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a...

ATO support for employers with expansion of STP

As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will...

Reminder for first-time share investors to declare income

With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time...

Documenting gifts or loans from related overseas entities

The ATO is currently reviewing certain arrangements where Australian taxpayers seek to disguise undeclared foreign income as a gift or...

Additional ATO support during COVID-19

The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees...

Paid Parental Leave changes support parents in lockdown

The Paid Parental Leave (‘PPL’) scheme has been amended to enable expectant parents whose work has been affected by COVID-19...

Reminder of SG obligations for September 2021 quarter

Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees. From 1...

Extending administrative relief for companies to use technology

The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under...

Expansion of support for SMEs to access funding

The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery...

ATO warns property investors about common tax traps

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding...

Div.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. Editor: Division 293...

Travel allowances and ‘LAFHAs’

The ATO has released a Ruling explaining:     when an employee can deduct accommodation and food and drink expenses...

Time running out to register for the JobMaker Hiring Credit

The JobMaker Hiring Credit scheme’s third claim period is now open, so if a taxpayer has taken on additional eligible...

Labor commits to income tax cuts and certainty on negative gearing

The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief...

Reminder of superannuation caps indexation for 2022

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions...

Division 7A benchmark interest rate for 2022 remains unchanged

The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%. Ref:...

Changes to STP reporting from 1 July 2021

Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they...

Maximum contributions base for super guarantee

The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee...

The ‘gigs up’ with a new sharing economy reporting regime

Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The...

Taxable Payments Annual Reports (‘TPARs’) due 28 August

2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services:    building...

New FBT retraining and reskilling exemption available

Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may...

Business Insurance – don’t let a serious event destroy your future

Last week we caught up with Melanie Such from Atlas Broker to share her first insurance presentation to our team...

Super guarantee contribution due date for June 2021 quarter

The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28...

Extension of time to make repayments on Division 7A loans

Editor: Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments (‘MYR’) before...

Rent or lease payment changes due to COVID-19

The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such...

Lost, damaged or destroyed tax records

The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters, so if they...

Introducing SMSF rollover alerts

Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a...

SMSF limited recourse borrowing arrangements interest rates

The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF...

New ATO data-matching programs

The ATO has advised that it will engage in two new data matching programs, as outlined below: –   the ATO...

Single Touch Payroll Changes 1st July 2021 Update

What does this mean for you:- Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens...

Cryptocurrency under the microscope this tax time

The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are...

Temporary reduction in pension minimum drawdown rates extended

The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to...

Super Guarantee rate rising from 1 July 2021

The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need...

ATO warns on ‘copy/pasting’ claims

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are...

Family assistance payments

The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and...

Do you use the Small Business Superannuation Clearing House?

The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in...

Car parking threshold for 2022 FBT year

The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25. This replaces the amount of...

Luxury car tax thresholds

The ATO has updated the luxury car tax (‘LCT’) thresholds for the 2021/22 financial year. The LCT threshold for fuel...

New ATO data-matching programs involving property

The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined...

2021 COVID-19 land tax relief

During the latter half of the 2020 year the State Revenue Office (SRO) announced two relief measures relating to 2021...

Circuit breaker business support packages

In light of the circuit breaker restrictions announced on 27 May 2021, the Victorian Government has launched the $250 million...

Super contribution caps will increase from 1 July 2021

The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The...

Passenger movement data-matching program

The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial...

ATO asks businesses to check if they are still using their ABNs

The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them...

Independent review service for small businesses made permanent

Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution...

ATO “keeping JobKeeper payment fair”

The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees...

Government proposal to modernise business communications

The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses...

Tax treatment of cryptocurrencies

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the...

JobKeeper comes to an end

The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have...

ATO loses case on JobKeeper and backdated ABNs

On 24 March 2021, the Full Federal Court handed down its decision in a case concerned with the requirement that...

First criminal conviction for JobKeeper fraud

A person claiming to be a sole trader  was convicted of three counts of making a false and misleading statement...

ATO’s taxable payments reporting system update

The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments...

FBT rates and thresholds for the 2021/22 FBT year

The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22...

Warning regarding new illegal retirement planning scheme

The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new...

New succession planning guide for family businesses

The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide...

Avoiding disqualification from SG amnesty

The superannuation guarantee (‘SG’) amnesty ended on 7 September 2020.  Employers who disclosed unpaid SG amounts and qualified for the...

Paper PAYG and GST quarterly instalment notices.

The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment.  Instead, electronic activity...

Changes to STP reporting concessions from 1 July 2021

Small employers (19 or fewer employees) are  currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also...

Cash payment limit Bill shelved

It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to...

JobMaker Hiring Credit scheme: Claims open from 1 February 2021

The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as...

ATO data-matching programs

The ATO has announced it will engage in the following data-matching programs: –   it will acquire motor vehicle registry data...

SMSF related party rental income deferrals due to COVID‑19

The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the “in-house asset rules”...

AAT decision on JobKeeper and backdated ABNs

On 21 December 2020, the AAT handed down its decision in a case relating to a taxpayer’s eligibility for JobKeeper...

Shortcut rate for claiming home office expenses extended

The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30...

New measures applying from 1 January 2021

The Government has provided an update of a number of new measures which came into effect from 1 January 2021...

JobKeeper Extension 2

The JobKeeper Extension 2 is set to start from Monday 4 January 2021. If you are eligible for JobKeeper Extension 2, these...

Improvements to be made to full expensing measure

The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full...

JobMaker Hiring Credit passed

The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to...

ATO Visa Data Matching Program

The ATO will acquire visa data from the Department of Home Affairs for 2020/21 through to 2022/23, relating to approximately...

How to avoid getting dodgy advice

The ATO is warning taxpayers who may be thinking about pausing, changing or closing their business, due to the current...

STP data-sharing with Services Australia

Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver...

Proposed FBT exemption — retraining and reskilling

The government has announced it will introduce an exemption from FBT for retraining and reskilling benefits provided by employers to...

Getting the margin scheme right

Editor: The margin scheme may allow a property owner to pay less GST when they sell the property — paying...

Employees on JobKeeper can satisfy the ‘work test’

The Australian Prudential Regulation Authority (‘APRA’) has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an...

COVID-19 and loss utilisation

The ATO understands the way some businesses operate has been impacted as a result of COVID-19. Some of these impacts...

Companies holding meetings and signing documents electronically

The Government has made another determination extending the timeframe within which companies can hold meetings electronically and enabling electronic signatures...

Simplified home office expense deduction claims due to COVID-19

Given that many Australians continue to work from home due to COVID-19, the ATO has updated its Practical Compliance Guideline...

Deferrals of interest due to COVID-19

Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments...

Employers need to apply recent tax cuts as soon as possible

The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the...

Tax cuts pass Parliament

The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure...

Deduction for work-related vehicle expenses disallowed

In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of...

Tax treatment of JobKeeper Payments

Broadly, JobKeeper Payments received by an employer are assessable income to the employer. Likewise, the payments an employer subsequently makes...

Special COVID-19 Superannuation Condition of Release Extended

Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing...

Expanded eligible employee definition for JobKeeper

Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020. This is primarily...

JobKeeper 2.0 – tweaks to the ‘Decline in Turnover’ Tests

On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e...

Superannuation guarantee amnesty ends 7 September 2020

Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch...

Superannuation guarantee rate increase update

Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around!...

80 cents per hour ‘shortcut’ method for home office expenses has been extended

Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1...

The extended JobKeeper Payment rates

From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be: – $1,200 per fortnight for all...

Extension of the JobKeeper Payment

Sadly, many Australian businesses are a long way from trending back to ‘normal’ as we approach 27 September 2020, the...

COVID-19 and Division 7A relief

The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that...

Regulations confirm no SG obligation on JobKeeper payments where work is not performed

The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of...

Testamentary trusts and minors

Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed...

Extending the Instant Asset Write-Off

Treasury Laws Amendment (2020 Measures No 3) Bill 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed...

COVID-19 and tax depreciation reports – are physical inspections necessary?

Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and...

Guidance on JobKeeper reporting via STP

The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’). ...

ATO reminder for employers – Finalise STP data for 2020

The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all...

JobKeeper declaration due 14 June

Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to...

Shortcut method to claim deductions if working from home

As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home.  To make...

SMSFs may be able to offer rental relief to related party tenants

As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property...

Coronavirus: Government’s JobKeeper Payment

A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper...

ATO reminder about salary packaged super

The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change...

New vacant land tax measures

A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the...

New super guarantee amnesty

On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty. This amnesty allows employers to disclose and pay...

New laws can make directors personally liable for GST

The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business...

Coronavirus: Government announces new tax measures

The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth...

ATO’s support measures to assist those affected by COVID-19

The ATO will also implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of...

ATO on property investments

The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they...

Australia’s economic response to the Coronavirus

Updated 23/03/2020 On the 12/03/2020, the government announced an “Economic Response” to the continuing Coronavirus outbreak. These have since been...

Director Penalty Notices now extended to GST

As of 18 February 2020, GST has been added to the current Director Penalty Notices (DPN) regime. From then, Directors...

Our guide to creating a bulletproof budget

Whether you are in business or not, understanding your spending is critical. In fact, for small business owners, planning and...

How long will it take you to pay for this festive season?

Before we go on it is important to preface this article by acknowledging that we are not financial planners and...

Labor’s tax policies that we can forget about

The 2019 election was, if nothing else, an interesting one. As Bill Shorten and Sportsbet (paid out $5.2 million after...

5 tips to get the most out of your MYOB or Xero software

Accounting software these days can be pretty damn efficient! As much potential that your software has, it’s normally only as...

Why your super is SUPER important!

Written by Luke Wade It seriously worries me when people neglect their super! Sadly, whether you’re self-employed or not, super...

10 reasons why you need online accounting software

Written by Luke Wade Accountants have been banging on about ‘cloud’ accounting software for the best part of a decade...

Single Touch Payroll

Whether you like it or not, Single Touch Payroll (STP) is coming; and when it does, it’ll be here to...

If the business you’re about start or buy was a car, would your mechanic let you buy it?

Written by Peter Beckett I’m obviously an Accountant by profession. This means that I spend the majority of my working...

Are your loved one’s inheriting a huge tax bill when you die?

Written by Peter Beckett As a tax agent, over the past 30-odd years (it hurts me to write that), I...

Super Amnesty for Employers – What it all means…

Just last week the government announced new legislation which provides a 12-month amnesty period for employers to self-correct prior super...

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