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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 …

The taxable payments annual report (TPAR) must be lodged every year by businesses that have made payments to contractors for building and construction …

The Australian Securities and Investment Commission (ASIC) has warned small and micro businesses to be alert for payment redirection scams, which have …

In good news for trustees of self managed superannuation funds (SMSFs) and after much community consultation, transfer balance account event-based …

The self managed superannuation fund (SMSF) space has always been a complex area for trustees, beneficiaries and advisers. In the past few years, the …

As a part of the ATO’s extensive information-gathering powers, it can compel taxpayers to furnish or produce certain documents. However, information …

With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume ordinary compliance …

Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of …

The end of financial year has now come and gone, and people with excess savings or who have received a bonus since the beginning of the year may want …

From 1 July 2019, new rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional …

One of the new Federal Government’s policies, announced as part of its election platform, is to make certain electric vehicles exempt from import …

Tax-related debts are sometimes ignored by those of us struggling with inflationary pressures and sky-high energy prices. However, this may not be the …

As the end of another tax year approaches, the ATO is reminding businesses that it’s time to: see if there are tax-deductible items your business …

The availability of temporary full expensing of depreciating assets for business has been extended for another year until 30 June 2023. This measure …

According to the Australian Securities and Investments Commission (ASIC), there has recently been a surge of promoters encouraging individuals to set …

Because of the financial impacts of COVID-19, trustees of a self managed superannuation fund (SMSF), or a related party of the fund, may provide or …

The uncertainty around availability of fuel has seen fuel prices soar across Australia. The 2022–2023 Federal Budget proposed an answer for this by …

The ATO is urging people and businesses to be vigilant following an increase in reports of fake websites offering to provide tax file numbers (TFN) …

FBT is generally seen as a relatively slow-moving and quiet area of tax law. But Budget day this year saw some movement at the FBT station, …

For many businesses, the line between employees and contractors is becoming increasingly blurred, partly due to the rise of the gig economy. However, …

Super guarantee: rate rise unchanged The Budget did not announce any change to the timing of the next super guarantee (SG) rate increase. The SG rate …

Digitalising trust income reporting The Budget confirms the Government’s previously announced intention to digitalise trust and beneficiary income …

Deduction boosts for small business: skills and training, digital adoption The Government announced two support measures for small businesses …

One-off $250 cost of living payment The Government will make a $250 one-off cost of living payment in April 2022 to six million eligible …

Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes …

The Fringe Benefits Tax (FBT) year ends on 31st March, after which time the ATO reviews whether employers who should be paying FBT are actually paying …

There are many compliance obligations for trustees of self managed superannuation funds (SMSFs). One of the simplest but most important is ensuring …

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”: while …

Businesses that need a little more financial help will have one last opportunity to claim the loss carry-back in their 2021–2022 income tax returns. …

The ATO has recently finalised its stance on the issue of commercial debt forgiveness – in particular, the “natural love and affection” exclusion. A …