Personal Taxation
Personal tax rates: Stage 3 (as revised) confirmed from 2024–2025 In the 2024–2025 Federal Budget, the Government did not announce any further changes …
Articles
Small business Superannuation clearing house and SMSF bank account validation
To safeguard retirement savings held in self managed superannuation funds (SMSFs) from fraud and misconduct, the ATO is rolling out new security …
Paying super on expanded government paid parental leave
The Treasurer has announced that the Federal Government will pay superannuation on paid parental leave from 1 July 2025. The intention is that the …
ATO scrutinising novated leases
The ATO will once again be running its data matching program on novated leases in 2024, covering the 2023–2024 to 2025–2026 income years. This program …
Refresher on deductibility of self-education expenses
With the return of international conferences for various occupations, the deductibility of expenses such as accommodation, meals and course fees …
Revised stage 3 tax cuts now law
With the revised stage 3 tax cuts now law, it’s a good time to understand how these changes will affect you and how to plan your taxes for the future …
Australia’s love affair with SMSFs continues
Establishing a self-managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by …
Superannuation: Pension transfer balance cap 2024-2025
The transfer balance cap which limits the amount of capital that can be transferred into a tax-exempt retirement phase will not increase for the …
FBT electric vehicle home charging rate
With the rise in businesses purchasing electric vehicles (EVs) for the use of their employees, the ATO has finalised its guidelines setting out the …
Estate planning considerations
Estate planning is a complex area which requires careful consideration of tax implications. Many issues that affect the distribution of assets to …
How much does negative gearing really cost?
Since the government’s announced changes to the Stage 3 tax cuts to give lower income earners more benefits, the chorus of voices advocating for …
Are you receiving personal services income?
Do you earn personal services income (PSI)? While most people may think that it only applies to builders or tradies, the truth is that may also apply …
ATO’s continued focus on illegal early release of super
As a new calendar year commences, the ATO’s priorities in the self managed super fund (SMSF) sector remain consistent. As in previous years, the …
Employees versus contractors: new rules
Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to …
ATO areas of focus on businesses for the coming year
As we move into 2024, the ATO has highlighted three areas of focus for businesses: taking steps to address cyber security and increased protection of …
Proposed changes to stage 3 tax cuts announced
With the government finally caving into pressure to change the stage 3 income tax cuts despite its previous promises to keep the already legislated …
JobKeeper assessment: Treasury report released
Treasury has released the Independent Evaluation of the JobKeeper Payment Final Report. The report considers both the impact and processes of …
$20,000 instant asset write-off for small business: beware timing
Legislation is currently before Federal Parliament that proposes to allow a deduction of $20,000 (up from $1,000) for the instant asset write-off of …
Simplified payroll reporting and STP Phase 2: employers take note
While Single Touch Payroll Phase 2 (STP Phase 2) started on 1 January 2022, many digital service providers have a deferral in place to enable them to …
ATO pauses “debts on hold” awareness campaign
In response to community feedback and perhaps to negative commentary in the media, the ATO has announced it is pausing its “awareness campaign around …
ASIC’s new alert list offers guidance on suspicious investment “opportunities”
As a part of the government strategy to target investment scams, ASIC and the Australian Competition and Consumer Commission (ACCC) – through the …
Proposed mechanisms for payday super
In an effort to reduce wage theft and prevent losses in retirement income for many Australians, the government is seeking to legislate its payday …
Tax exempt organisations required to lodge returns with the ATO: a reminder
In case you might have forgotten, following an announcement in the 2021 Federal Budget, organisations that used to have the option of self-assessing …
ATO shifting to firmer debt collection activity
The ATO has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax …
Sharing economy reporting regime for platform operators
Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term …
Upcoming changes for pension and income support recipients
As a part of the government’s strategy to get more people back into work to solve skills shortages being experienced by many industries, a permanent …
SMSF compliance activity escalation
The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been …
Small business litigation funding: improvements recommended
A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) report has recommended improvements to the small business litigation funding …
ASIC calls on lenders to support customers
With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into …
Beware SMSF schemes: residential property purchase
The ATO has warned taxpayers against entering into a scheme through their self managed superannuation fund (SMSF) which claims to allow individuals to …