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Latest News

In the ATO's sights this Tax Time

ATO’s three focus areas this tax time

By Warren Kruger | June 5, 2024

The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work related expenses: Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked […]

Taxpayer unsuccessful in having excess contributions reallocated

Taxpayer unsuccessful in having excess contributions reallocated

By Warren Kruger | May 24, 2024

The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s employer made concessional super contributions to his super fund totalling $31,737, which resulted in the taxpayer exceeding his concessional […]

NFPs need to get ready for new return

NFPs Need To Get Ready For New Return

By Warren Kruger | May 21, 2024

From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. Editor: This will include sporting, community and cultural clubs, among other organisations. Non-charitable NFPs that have an active ABN can […]

ATO issues warning about false invoicing arrangements

ATO issues warning about false invoicing arrangements

By Warren Kruger | May 17, 2024

The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat the tax and super systems. False invoicing arrangements may consist of the following: an entity (the ‘promoter’) issues invoices to a legitimate business but no goods or services are provided; the business pays the invoices, […]

Illegal early access to super, June 2024 Quarter Superannuation Guarantee

Illegal Early Access To Super

By Warren Kruger | May 14, 2024

Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday. The ATO warns taxpayers that this […]

What to know about disaster relief payments

What to know about disaster relief payments

By Warren Kruger | May 10, 2024

Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) should check if they need to include this as assessable income in their tax return before they lodge (although they may not need […]

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What’s New For Taxpayers

By Warren Kruger | August 19, 2015

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

By Warren Kruger | September 2, 2015

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

By Warren Kruger | September 9, 2015

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

By Warren Kruger | November 4, 2015

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

By Warren Kruger | November 11, 2015

  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

By Warren Kruger | December 16, 2015

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 […]

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