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 …
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 …
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 …
Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to …
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 …
With the government finally caving into pressure to change the stage 3 income tax cuts despite its previous promises to keep the already legislated …
Treasury has released the Independent Evaluation of the JobKeeper Payment Final Report. The report considers both the impact and processes of …
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 …
In response to community feedback and perhaps to negative commentary in the media, the ATO has announced it is pausing its “awareness campaign around …
As a part of the government strategy to target investment scams, ASIC and the Australian Competition and Consumer Commission (ACCC) – through the …
In an effort to reduce wage theft and prevent losses in retirement income for many Australians, the government is seeking to legislate its payday …
In case you might have forgotten, following an announcement in the 2021 Federal Budget, organisations that used to have the option of self-assessing …
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 …
Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term …
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 …
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 …
A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) report has recommended improvements to the small business litigation funding …
With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into …
The ATO has warned taxpayers against entering into a scheme through their self managed superannuation fund (SMSF) which claims to allow individuals to …
The Federal Government has released plans to introduce a small business energy incentive to help small and medium businesses electrify and save on …
The ATO has recently issued new GST guidance specifically relevant to crypto assets. For GST purposes, the ATO considers that digital currency is a …
Remember temporary expensing, which allowed just about every business (unless annual turnover was at least $5 billion) to immediately write off the …
Businesses that make payments to contractors may need to report these payments and lodge a taxable payments annual report (TPAR). You will need to …
Movement may be afoot on the complex issue of individual tax residency in Australia. In 2019, the Board of Taxation released a report which contained …
Buying an existing business requires careful consideration. It is important to conduct a thorough due diligence review before deciding to buy. The …
This tax time, the ATO is cracking down on taxpayers not lodging their taxable payments annual report (TPAR) on time. It has recently issued more than …
Small businesses may be able to get a bonus 20% tax deduction for any business expenses and depreciating assets used to improve their digital …
Retirees who draw an account-based pension from their super need to be aware that the 50% reduction inthe minimum pension drawdown rate for …
As foreshadowed last year, the “buy now pay later” (BNPL) market will soon be facing more regulation. Assistant Treasurer Stephen Jones recently …
The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses. Only individuals, …
The ATO has extended its motor vehicles data matching program once again to encompass the 2022–2023 to 2024–2025 financial years. For each financial …