Tax-records education direction measure now in place
Late in 2022, amendments to the tax law passed Parliament that, among other things, included a measure to allow the ATO to issue a “tax-records …
FBT reminder: electric cars exemption
It’s FBT time again, and for the 2022–2023 FBT year it’s important to remember that your business may be able to get an exemption for certain eligible …
Cheaper child care on the horizon
Families struggling with the current cost of living crisis could soon have some relief with cheaper child care coming mid-year. The recently passed …
Superannuation tax break changes
In an attempt to repair the Federal Budget and lower the overall national debt, the government is seeking to introduce changes to the way …
Outcomes of quality of financial advice review
In a bid to increase the accessibility and affordability of quality financial advice, the government had previously commissioned a report into …
ATO targeting private not-for-profit schemes
As a part of its ever-tightening compliance net, the ATO has recently announced it is targeting specific tax avoidance behaviour in the …
Upcoming FBT-related changes
Employers that have provided FBT car parking benefits for the 2022–2023 FBT year should be aware that the ATO has finalised the changes to its ruling …
Working from home expenses: new fixed rate
A new revised fixed-rate method for calculating working from home expenses will soon apply. From 1 July 2022, employees who work from home can no …
SMSF changes and reminders for 2023
If you’re thinking of starting a self managed superannuation fund (an SMSF) in 2023, you need to be aware of the recent changes made by the ATO on …
Administrative Appeals Tribunal to be replaced
The Federal Government has announced that it will abolish the Administrative Appeals Tribunal (AAT) and replace it with a new Federal administrative …
Sharing economy reporting regime commences soon
As a part of the Federal Government’s strategy to combat the tax compliance risks posed by the sharing economy, it has passed into law new …
Tax debts and relationship breakdowns: a warning
The ability of the Family Court to divide the assets owned personally by a couple – including superannuation – on a relationship breakdown is largely …
Non-Deductible threshold removed for self-education expenses
Self-education expenses are generally tax-deductible for individuals if there’s a sufficient connection with your income-producing activities. …
Future of superannuation
The Federal Government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and …
Tax implications of deferred rent for businesses
As inflationary pressures start to bite, many businesses may be seeking rental deferrals or variations from their landlords to help them through this …
FBT car parking benefits: new draft ruling
Businesses that provide FBT car parking benefits should be aware that the ATO has recently released an updated consolidated draft taxation ruling that …
A little planning can help avoid an FBT hangover this festive season
Yes, it’s that time of year again! As the so-called “silly season” gets underway, and with many employers reverting to pre-pandemic norms around meal …
ABN registration: draft legislation to enforce lodgement and notification compliance
Treasury has released draft legislation which proposes two new grounds under which the Registrar of the Australian Business Register may cancel an …
Proposed new method for calculating work from home expenses
Taxpayers could soon be dealing with more paperwork at tax time, or facing the prospect of a lower tax deduction for work from home (WFH) expenses. …
Looming changes for the “buy now, pay later” market
In a bid to protect consumers, the Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” …
Compliance with super laws: ATO’s approach
When it comes to legal compliance by self-managed superannuation fund (SMSF) trustees, the ATO’s main focus is on encouraging trustees to comply with …
ASIC’s focus on super complaints handling
The Australian Securities and Investments Commission (ASIC) is the body responsible for overseeing the operation of Australia’s financial services …
Sale of principal home: extension of exemption
In a bid to support pensioners and in conjunction with the announcement of its intention to reduce the eligibility age for downsizer super …
Crypto reforms: change in consultation approach
According to the latest Australian Security and Investments Commission (ASIC) report into retail investment, the uptake in cryptocurrency has …
Bonus deduction for employee training proposal
As a part of its strategy to address the current skills shortage and future-proof Australia’s workforce by building better trained and more productive …
Thinking of ditching your SMSF?
Are you having doubts about using your self managed superannuation fund (SMSF) for your retirement? Whatever your age, if recent market conditions, …
SMSF COVID-19 relief measures have now ceased
The ATO has reminded trustees of self managed superannuation funds (SMSFs) that COVID-19 relief measures that previously applied for the 2019–2020, …
Tax time focus on rental properties
Rental property income and deduction mistakes continue to be one of the main focus areas for the ATO this tax time. This is no surprise, considering …
TPAR due soon: is your business ready?
The taxable payments annual report (TPAR) must be lodged every year by businesses that have made payments to contractors for building and construction …
Beware of payment redirection scams
The Australian Securities and Investment Commission (ASIC) has warned small and micro businesses to be alert for payment redirection scams, which have …