Miscellaneous

One of the many responsibilities SMSF trustees have every income year is valuing their fund’s assets at market value. The market value of an asset is the amount that a willing buyer and seller would agree to in an arm’s-length transaction.  These valuations will be used  when preparing the fund’s accounts, statements and SMSF annual […]

Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm.  This may require the impacted taxpayer to contact the ATO each time they need to access their information and cause inconvenience for the taxpayer as well as their tax […]

The digital identity app ‘myGovID’ will soon be changing its name to ‘myID‘.  While the name is changing, the login and security will not change. Taxpayers who have already set up their myGovID and use it to access government online services will not need to do anything when the app changes to myID.  They will […]

The Administrative Appeals Tribunal (‘AAT‘) recently affirmed the ATO’s decision to impose shortfall penalties on a taxpayer who had lodged false amended income tax returns. The taxpayer had lodged income tax returns for the 2020 and 2021 income years through her tax agent.  The taxpayer subsequently lodged amended returns to claim deductions regarding a non-existent […]

The ATO is reminding investors who purchased new shares in a qualifying ‘early stage innovation company’ (‘ESIC’) that they may be eligible for tax incentives. These tax incentives provide eligible investors who purchase new shares in an ESIC with: a non-refundable carry forward tax offset equal to 20% of the amount paid for their eligible […]

Taxpayers need to consider what work-related expenses they will be looking to claim in the new financial year, and what records they will need to substantiate those deductions. Records can be kept as a paper version, an electronic copy, or a ‘true and clear’ photo of an original record. Working from home deductions Taxpayers can […]