Latest News
Taxpayer Liable For Excess Transfer Balance Tax Despite Commutations
A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account-based pension. Based on information reported by the super funds, the ATO became aware that the taxpayer had exceeded his […]
ATO SMSF Trustee Obligations – Super Lookup ‘Status’ Will Change If SMSF Annual Returns Are Late
The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status […]
Government Passes Other Superannuation Legislation
The Government has recently passed legislation requiring insurance in superannuation for new members under 25, and members with low balance accounts, to only be offered on an opt-in basis from 1 April 2020. Importantly, low balance account holders and young members will still be able to opt in if they want to take out insurance. […]
Reporting Asset Disposals For CGT
As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency. Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or destruction) and to keep records relating to CGT events, including asset disposal, for at least five […]
ATO Recommends You Update Your ABN Details For Disastrous Reasons
The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential disaster. Therefore, to make sure they don’t miss […]
Super Guarantee Opt-Out For High Income Earners Now Law
From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG employer shortfall exemption certificate, […]
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What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Investment Property – Claiming Repairs and Maintenance Expenses
Can you claim the cost of repairs you make before you rent out the property? You cannot claim the cost of repairing defects, damage or deterioration that existed when you obtained the property, even if you carried out these repairs to make the property suitable for renting. This is because these expenses relate to the […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
