ATO focuses on rental property owners’ tax returns
Tax time 2024 sees the ATO continuing to turn the spotlight on rental property owners and inflated claims to offset increases in rental income. ATO …
Articles
Tax time 2024: claiming working from home expenses
Claiming work-related expenses is an area where taxpayers frequently make mistakes, and the ATO has flagged it a primary area of focus for tax time …
Tax time scams: be on guard
Despite preventative approaches by the ATO and the National Anti-Scam Centre (NASC) to take down fraudulent websites and block scam text messages, ATO …
More information: super on paid parental leave
In a bid to improve retirement outcomes for Australian women, the government has recently announced that from 1 July 2025 it will commence paying …
FBT: Alternatives to employee declarations
Employers that provide certain fringe benefits to their employees can now use appropriate alternative statutory evidentiary documents to satisfy FBT …
ATO’s use of small business benchmarks
Recently, the ATO updated its small business benchmarks to encompass the 2021–2022 income year. While the ATO promotes these benchmarks as an aid for …
Serious Financial Crime Taskforce targets false invoicing
The ATO-led Serious Financial Crime Taskforce (SFCT) is warning businesses against using illegal financial arrangements such as false invoicing to …
Reactivating old debts: new guidelines for government agencies
In response to the ATO’s recent actions on reactivating or offsetting old tax debts, the Commonwealth Ombudsman/ACT Ombudsman and the …
Superannuation 2024
Paying super on Government paid parental leave from 1 July 2025 confirmed The Budget confirmed the proposal to pay superannuation on Government-funded …
Tax compliance and integrity
ATO BAS notification period extended The Government will extend the time the ATO has to notify a taxpayer if it intends to retain a business activity …
Business Taxation
$20,000 instant asset write-off for small business extended to 30 June 2025 The Government will extend the instant asset write-off concession for …
Here’s what you need for your 2024 tax return
Have you got your tax sorted? Tax time is just around the corner, so it’s time to start collecting all the documentation and information you …
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 …
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 …