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 …
Small business energy incentive
The Federal Government has released plans to introduce a small business energy incentive to help small and medium businesses electrify and save on …
Developments in GST guidance for crypto assets
The ATO has recently issued new GST guidance specifically relevant to crypto assets. For GST purposes, the ATO considers that digital currency is a …
Instant asset write-off: Is your business eligible?
Remember temporary expensing, which allowed just about every business (unless annual turnover was at least $5 billion) to immediately write off the …
Paying contractors? Get ready for your TPAR
Businesses that make payments to contractors may need to report these payments and lodge a taxable payments annual report (TPAR). You will need to …
Simplifying individual tax residency: government consultation
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 …
Purchasing a business: Due Diligence Checklist
Buying an existing business requires careful consideration. It is important to conduct a thorough due diligence review before deciding to buy. The …
ATO crackdown on TPAR lodgements
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 business bonus deduction: technology investment
Small businesses may be able to get a bonus 20% tax deduction for any business expenses and depreciating assets used to improve their digital …
Minimum pension payment changes
Retirees who draw an account-based pension from their super need to be aware that the 50% reduction inthe minimum pension drawdown rate for …
“Buy now pay later” sector facing more regulation
As foreshadowed last year, the “buy now pay later” (BNPL) market will soon be facing more regulation. Assistant Treasurer Stephen Jones recently …
Using the cents per kilometre method for claiming car expenses
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, …
ATO motor vehicle data matching program extended
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 …
Single touch Payroll Phase 2: avoid common mistakes
Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO through the use of STP-enabled …
Employers to pay super at same time as wages
The government has announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and …
Small business lodgement amnesty: reminder
The ATO has reminded eligible small business taxpayers to take advantage of the lodgement penalty amnesty program announced in the recent 2023–2024 …
Stay alert for tax time scams
The Federal Government has warned of scammers targeting Australians ahead of tax time 2023. The number of scam reports received to date this year has …
Key tax considerations this tax time
As a new financial year gets underway, it’s time to start thinking about whether your tax planning is in order. Tax planning requires considering your …
ATO target areas for tax time 2023
Tax time 2023 is fast approaching and as with previous years, the ATO has provided some insights to the areas it will be focusing on consisting of …
Federal Budget update
Personal tax rates and offsets for 2023–2024 and beyond With no announced changes in the Federal Budget to personal tax rates and offsets for the …