Business Taxation Advice regarding Tax Updates in Australia
ATO data matching: “lifestyle” assets and your business
ATO examining luxury assets The ATO has announced or extended a number of data matching programs recently, including the lifestyle
Do you rent out your holiday home?
Tax implications of renting out your holiday home If you own a holiday home you might rent it out at
Small business restructure roll over: tax relief for genuine business restructures
Tax relief for restructuring your small business With the latest statistics showing a significant rise in liquidations and with the
New ATO resources for GST food and health product classification
Resources to help small business classify food and health products for GST purposes Alongside the ATO’s GST public advice and
Tax consequences of renting part of your home
Income tax consequences of sharing your home Homeowners can share their homes in a range of ways – you might
Tax cases: August 2024
Published tax cases August 2024 Federal Court: Tax Practitioners Board v Van Dyke [2024] FCA 899 14 August 2024 | Abraham
Super guarantee a focus area for ATO business debt collection
Unpaid super a focus for ATO debt collection The ATO has revealed its focus areas for the current financial year,
Unlocking value: subdividing your family home
Subdividing the family home to unlock value Many retirees find themselves cash-poor but asset-rich. For those living on larger properties,
Tax cases: July 2024
Published tax cases July 2024 The select list of decisions published in July is below, with headnotes reproduced and links
Claiming business motor vehicle expenses – which method to use?
What method do you use to claim business motor vehicle expenses? If your business owns or leases a motor vehicle
Time for a super check-up
Give your super a check-up with the start of the new financial year The new financial year has begun, and
Tax incentives for small businesses
Taxation incentives for small business that can reduce tax With the passing of the 2023-24 financial year, small business owners
Tax Cases: June 2024
Published tax cases June 2024 It was a busy end to the financial year in the courts and AAT with
Get your employees’ super right for the new financial year
Important payroll and superannuation reminders for employers As the new financial year begins, employers need to keep an eye on
Division 7A loans: minimum repayments
Review exposure to Division 7A and take action With the end of the financial year imminent, private companies should be
Tax Time 2024: focus on rental property owners
Inflated rental property claims in focus for tax time 2024 The ATO has flagged inflated rental property claims as one
Tax time reminders for small businesses
Tax time 2024: reminders for small business As tax time 2024 approaches, the ATO has released some important reminders for
Get ready for tax time 2024
Tax time 2024 – ATO focus areas As the ATO gears up for tax time 2024, it has flagged three
ATO data-matching: crypto assets
ATO crypto assets data-matching program Hot on the heels of reports that a growing number of SMSFs are sustaining significant
HECS-HELP debt to increase with indexation
Student loan debts to increase from 1 June 2024 due to indexation The HECS-HELP loan program is part of the
Navigating complexities of SMSF crypto investments
Difficulties with SMSFs investing in crypto assets The digital currency landscape continues to be treacherous terrain for Self-Managed Superannuation Fund
Trust reporting changes from 1 July 2024
Changes to trust reporting Changes to simplify reporting for trustees and beneficiaries are commencing from 1 July 2024 as part
Fast track finalisation of certain deceased estates tax affairs
Fast track finalisation of less complex estate tax affairs The ATO has recently released an updated guideline (PCG 2018/4) that
ATO targeting false invoicing schemes
Fake invoice schemes targeted by ATO The Serious Financial Crime Taskforce (SFCT) led by the ATO is warning businesses against
Old Tax Debts: IGTO weighs in
Inspector General of Taxation and Taxation Ombudsman issues guidelines re notification of debts owing to government In response to criticism
Changes proposed for annual superannuation performance test
Proposed changes to the annual super fund performance test The annual superannuation performance test was introduced in 2021 by the
ATO use of small business benchmarks
How the ATO uses small business benchmarks Recently, the ATO updated its small business benchmarks to include the 2021-22 income
Superannuation on Paid Parental Leave
Government to pay super on paid parental leave The government has announced that from 1 July 2025, it will commence
ATO concerns over Division 7A
ATO concerned about compliance with Division 7A Division 7A of the Income Tax Assessment Act 1936 was introduced as a
ATO rental bond data matching program continues
ATO matching rental bond data with landlords tax returns Investment property owners beware! The ATO has signalled that its rental
FBT: alternatives to employee declarations
Alternatives to employee declarations for FBT Employers that provide certain fringe benefits to their employees can now use appropriate alternative
Refresher on deductibility of self-education expenses
Deductibility of self-education expenses The ATO recently released a final taxation ruling (TR 2024/3) which consolidates and updates its previous
FBT electric vehicle home charging rate
EV home charging rates for FBT purposes Since the introduction of EV incentives by various state governments to encourage the
Are you receiving personal services income?
Tax implications of receiving personal services income Personal Services Income (PSI) generally only applies to individuals that receive more than
Foreign investors to pay more for residential property
Foreign investors to pay increased fees to purchase established property In response to various media commentary and public sentiment that
ATO’s continued focus on illegal early release of super
ATO focusing on illegal early release of superannuation As a new calendar year commences, the ATO’s priorities in the SMSF
Consultation on enhancing TPB sanctions regime
Enhancements to TPB sanctions regime open for consultation In response to the tax adviser misconduct saga that unfolded during 2023,
Stage 3 tax cuts and proposed changes
Proposed changes to stage 3 tax cuts The talk about the stage 3 tax cuts has reached fever pitch in
Deductibility of financial advice fees
Draft ATO determination on deductibility of financial advice fees Late last year, the ATO released a draft taxation determination (TD
Employee vs contractors: new ATO Ruling
High Court decisions re employee v contractor spark ATO ruling Following the landmark High Court decisions in Construction, Forestry, Maritime,
Holiday homes not genuinely available for rent
Deductions denied for holiday homes not genuinely available for rent As the Christmas holiday period approaches, many individuals may be
ATO data-matching: directors and officeholders
ATO data-matching: directors and officeholders The ATO has announced a data-matching program which will acquire officeholder data from ASIC, the
ATO’s GST compliance focus areas
ATO GST compliance focus areas At a recent conference, the ATO outlined its key areas of focus for GST compliance.
Circumstances for tax return lodgment deferral
When can you get an extension of time to lodge your tax return? Tax time 2023 has now officially ended,
Regulation of crypto exchanges coming
Regulation of crypto exchanges on the horizon As foreshadowed by the government and supported by many consumer advocates, the government
Improving the Commissioner’s general powers of administration
Enhancement to the Commissioner’s general powers of administration The Inspector-General of Taxation and Taxation Ombudsman (IGTO) recently released a report
ATO visa data matching program extended
ATO extends visa data matching program for three years The ATO has advised that its visa data matching program has
Proposed mechanisms for payday super
Consultation paper on proposed mechanisms for payday super Unpaid superannuation is equivalent to wage theft and is detrimental to the
Sharing Economy Reporting regime
Sharing economy reporting regime started The Sharing Economy Report Regime (SERR) has now commenced for the 2023-24 income year. Only
Targeted super concession changes looming
Tax on unrealised super fund earnings In a bid to improve the fiscal sustainability of the superannuation system, one of
Deductions relating to holding vacant land
Clarification on deductions related to holding vacant land Deductions for losses and outgoings that relate to holding vacant land on
Tackling tax adviser misconduct: consultation on draft legislative reforms
Reform of promoter penalties, information sharing & TPB As a part of its response to the recent scandal involving conflict
ATO crackdown on TPAR lodgments
ATO crackdown on non lodgment of Taxable Payments Annual Report The ATO has reminded relevant taxpayers to lodge their Taxable
Reforms to tax adviser regulatory framework
Planned changes to regulation of tax advisers The government has announced major reforms to the tax adviser regulatory framework in
Tax Time 2023: ATO gives green light to lodge
Tax Time 2023: lodgment period underway With only a little more than a month into tax time, the ATO has
Does GST apply to crypto assets?
Does GST apply to crypto assets? As digital currency becomes more common place in a business context both in terms
Small business energy incentive
Small business energy incentive: 20% bonus deduction Small businesses with an aggregated annual turnover of less than $50 million could
Simplifying individual tax residency: consultation
Consultation on proposed new individual tax residency rules The government is currently seeking feedback on design features of the Board
Small business bonus deduction: technology investment
Small Business Technology Investment Boost Small businesses can now access a 20% bonus deduction for eligible expenditure incurred on business
Claiming car expenses using the cents per kilometre method
Using the cents per kilometre method to claim car expenses The cents per kilometre method is a simple way to