Super guarantee a focus area for ATO business debt collection
The ATO has recently confirmed that collection of business debts – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) …
Small business restructure rollover: tax relief for genuine business restructures
With the latest statistics showing a significant rise in liquidations and with the ATO’s focused efforts on debt collection, small businesses face …
Withholding for foreign residents: an ATO focus area
Does your business or investment structure make payments such as interest, dividends or royalties to any foreign residents? You may be required to …
Claiming the tax-free threshold: getting it right
Claiming the tax-free threshold: getting it right If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first …
New SMSF expense rules: what you need to know
If you manage a self managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may …
Time for a superannuation check-up
The new financial year has begun, and with it have come some important changes to superannuation from 1 July 2024. With these changes coming into …
New “bring-forward” contribution thresholds for 2024-2025
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–2025. This is great news for superannuation …
Superannuation switching schemes and investment scams: what to look out for
Beware of “cold callers” offering to switch your super Following an extensive review, ASIC has uncovered a worrying trend where cold callers, after …
Navigating complexities of crypto investments: SMSFs
The digital currency landscape continues to be treacherous terrain for self managed superannuation fund (SMSF) trustees, with a growing number of …
ATO crypto data-matching program extended
Hot on the heels of reports that a growing number of self managed super funds (SMSFs) are sustaining significant losses in crypto asset investments, …
Regulations coming for “buy now, pay later” market
In recent years, the financial landscape in Australia has been significantly transformed by the advent of buy now, pay later (BNPL) services. These …
Motor vehicle expenses: which method should my business use?
If your business owns or leases a vehicle that’s used for business purposes, it’s essential to keep proper records to ensure you’re entitled to the …
Changes proposed for annual super performance test
The annual super performance test was introduced in 2021, by the previous Coalition government, as a way to hold registrable superannuation entity …
Scam alert: fake ASIC branding on social media
The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers that there has been an increase in the use of …
Deducting gifts and donations: getting it right at tax time
Have you made charitable gifts or donations in the past financial year? The good news is these items are often deductible, giving many Australians a …
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 …
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 …