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penalties imposed for false R&D claims

$13.6m in penalties imposed for false R&D claims

By Warren Kruger | February 12, 2025

A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development (‘R&D’) tax incentive claims. The Federal Court recently handed down judgment against the business coach, his company co-director (and former tax agent), and their […]

When to lodge SMSF annual returns

When to lodge SMSF annual returns

By Warren Kruger | February 10, 2025

All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year. The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory […]

student and training loan

Study/training loans — What’s new

By Warren Kruger | February 7, 2025

The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. […]

ATOs notice of rental bond data-matching program

ATOs notice of rental bond data-matching program

By Warren Kruger | February 5, 2025

The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details. The objectives of this program are to (among other things) identify and educate individuals and businesses who […]

ATO debunks Division 7A myths

ATO debunks Division 7A ‘myths’

By Warren Kruger | February 3, 2025

Editor: The ATO has recently published a document ‘debunking’ various Division 7A ‘myths’. Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free. A payment or other benefit provided by a private company to a shareholder or their associate can be treated as […]

CGT withholding

CGT withholding measures now law

By Warren Kruger | January 31, 2025

The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Editor: Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not have a valid ‘clearance […]

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Zone Tax Offset – exclude ‘fly-in-fly-out’

By Warren Kruger | February 17, 2016

In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]

Employee Share Scheme Changes

By Warren Kruger | December 2, 2015

Changes to the tax treatment of employee share schemes (ESS) took effect on 1 July 2015. These apply to Employee Share Scheme interests (shares, stapled securities and rights to acquire them) issued on or after that date. There are changes to some existing rules as well as new concessions for employees of start-up companies. The […]

Investments

By Warren Kruger | November 25, 2015

Profits or returns you make on your Investments usually become part of your income for tax purposes. Many expenses relating to your Investments are tax deductible – for example, interest on money you borrow to buy shares. Australian residents for tax purposes are taxed on their worldwide income, so whether you have investments in Australia or […]

Truck Drivers: Work-Related Expenses

By Warren Kruger | June 1, 2016

As tax time is fast approaching we will be outlining common work-related expenses for Truck Drivers. Short-haul or local Truck Drivers usually return home at the end of a day’s work. A long-haul Truck Drivers usually sleeps away from home in the course of driving the truck.   When you can make a claim In […]

GST – Goods and Services Tax

By Warren Kruger | February 24, 2016

GST (Goods and services tax ) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. How does the GST work Generally, businesses and other organizations registered for the Goods and Services Tax will: include GST in the price they charge for their goods and services claim credits […]

Investing in shares

By Warren Kruger | July 6, 2016

Dividends (income from shares) are considered income for tax purposes. There are also other tax implications of obtaining, owning and disposing of shares, including shares in employee share schemes. You can claim deductions for costs related to the dividend income, such as management fees and interest on money you borrowed to buy the shares. Obtaining […]

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