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 …
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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 …
SMSF TBAR to be streamlined
In good news for trustees of self managed superannuation funds (SMSFs) and after much community consultation, transfer balance account event-based …
Current compliance issues in the SMSF space
The self managed superannuation fund (SMSF) space has always been a complex area for trustees, beneficiaries and advisers. In the past few years, the …
ATO Protocol for legal professional privilege
As a part of the ATO’s extensive information-gathering powers, it can compel taxpayers to furnish or produce certain documents. However, information …
ATO warns against asset wash sales
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 …
ATO reminder to small businesses this tax time
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 …
Personal super deductions: remember the notice of intent
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 …
Tax benefits for unused “carry forward” concessional superannuation contributions
From 1 July 2019, new rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional …
What might the Federal Government’s proposed electric car discounts mean for taxpayers?
One of the new Federal Government’s policies, announced as part of its election platform, is to make certain electric vehicles exempt from import …
ATO guidance update: debt relief and waivers
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 …
Tax time 2022: businesses get ready
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 …
Temporary full expensing of assets extended
The availability of temporary full expensing of depreciating assets for business has been extended for another year until 30 June 2023. This measure …
SMSFs investing in crypto-assets: be informed and keep records
According to the Australian Securities and Investments Commission (ASIC), there has recently been a surge of promoters encouraging individuals to set …
ATO’s COVID-related support for SMSFs
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 …
Federal Budget fuel excise reduction: will all businesses benefit?
The uncertainty around availability of fuel has seen fuel prices soar across Australia. The 2022–2023 Federal Budget proposed an answer for this by …