Business Taxation Advice regarding Tax Updates in Australia
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
Get ready for your Taxable Payments Annual Report (TPAR)
Taxable Payments Annual Reports Due Soon You will need to lodge a Taxable Payments Annual Report (TPAR) if your business
ATO extends motor vehicle data matching program
Motor vehicle data matching program extended by ATO The ATO has extended the motor vehicles data matching program to include
ATO launches refreshed Charter
New look ATO Charter Following the announcement of a review of its Charter (previously known as the Taxpayers’ Charter) in
central management & control: ato risk assessment framework
ATO Risk Assessment Framework for Central Management & Control The ATO has released an update to its Draft Practical Compliance
More ATO data matching this tax time
ATO data matching landlord and income protection insurance This tax time, the ATO is ramping up its data matching program
FBT: Alternatives to evidentiary documents
Alternatives to evidentiary documents for FBT purposes With the passing of legislation to reduce FBT compliance costs on 23 June
ATO Alert: Diverting profits to SMSFs
ATO reviewing property developments that divert profits to SMSFs Taxpayers using special purpose vehicles (SPVs) to divert profits from property
Updated TAX ruling on individual tax residency tests
Updated Tax Ruling on individual tax residency tests The long awaited tax ruling on individual tax residency has been released
Small Business Lodgment Amnesty Reminder
Tax lodgment amnesty for small business Small businesses are encouraged to take advantage of the lodgment penalty amnesty program to
Tax time 2023: ATO focus areas
ATO focus areas for tax time 2023 Tax time 2023 is fast approaching and as in previous years, the ATO
ato releases Home Charging Rate For EVs
ATO home charging rate for EVs With the increasing popularity and uptake of EVs, the ATO recently released a draft
Property Investors Beware: New ATO Data Matching Program
Property investors beware: ATO data matching program Property investors should be aware that the ATO has announced the commencement of
FBT Reminder: Electric Cars Exemption
FBT electric cars exemption It’s FBT time again! For the 2022-23 FBT year it’s important to remember that your business
Tax-Records Education Direction Now in Place
Record-keeping school if you don’t keep proper business tax records Late last year, the Treasury Laws Amendment (2022 Measures No.
FBT Car Parking: Primary Place Of Employment
Car parking benefits: primary place of employment Employers that have provided car parking benefits for the 2022-23 FBT year should
Corporate tax residency: ATO’s transitional compliance approach extended for foreign companies
Foreign companies have until 30 June to implement governance changes Foreign incorporated companies that may have their tax residency status
Government Proposes Public Beneficial Ownership Register
Proposed public beneficial ownership register A consultation paper on a proposed public beneficial ownership register has been released by the
Sharing Economy Reporting Regime Commences Soon
Compulsory reporting to ATO for sharing economy platforms Compulsory reporting of information to the ATO for sharing economy platforms is
FBT Car Parking Benefits: New Draft Consolidated Ruling
FBT car parking benefits: broad test for “primary place of employment” Businesses that provide FBT car parking benefits should be
Tax Rules For Personal Services Income
Personal services income The tax legislation contains special rules about personal services income (PSI). The PSI rules are aimed at
Tax crack down coming
Tax crack down coming Against a sobering backdrop of economic data and a record Budget deficit, the Treasurer announced the
Proposed new method for calculating WFH deductions
New lower fixed rate method for claiming WFH expenses Taxpayers could soon be dealing with more paper work at tax
IGOT Report On ATO Handling Of Objections
IGOT interim report on ATO’s handling of objections The result of a recent review into the ATO’s handling of objections