Latest News
ATO’s appeal against decision that UPEs are not “loans” fails
The Full Federal Court recently dismissed the ATO’s appeal against an AAT decision that unpaid present entitlements (‘UPEs’) owing by a trust to a corporate beneficiary were not “loans” for Division 7A purposes. A corporate beneficiary had become entitled to a share of the income of a trust for the 2013 to 2017 income years. […]
Taxpayer’s claim for input tax credits unsuccessful
In a recent decision, the Administrative Review Tribunal (‘ART’) rejected a taxpayer’s claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]
ATO “busts” NFP myths
Editor: As the Not-for-profit (‘NFP’) self-review return is due in March, the ATO has recently published a document ‘busting’ various NFP ‘myths’. Myth 1: All NFPs are income tax exempt. ATO response: This is not true. Some NFPs are income tax exempt and some are taxable. Myth 2: There is only one way to lodge […]
Claiming fuel tax credits when rates change
Fuel tax credits changed on 3 February, and taxpayers could receive more savings for fuel they have acquired on and from this date. Different rates apply based on the type of fuel, when it was acquired and what activity it is used for. The ATO has the following tips for taxpayers to ensure they are […]
ATO’s tips to help taxpayers stay on top of their BAS
The ATO has the following tips to help taxpayers get their BAS right before they lodge: They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields. If lodging online, or through a registered tax or BAS agent, they may be able to get an extra […]
How to master employer obligations in 2025
Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. They should identify if they have provided a fringe benefit. If they have, they should determine the […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
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
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
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
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
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
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 […]