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Latest News

ATO's appeal against decision that UPEs are not "loans" fails

ATO’s appeal against decision that UPEs are not “loans” fails

By Warren Kruger | March 14, 2025

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

Taxpayer’s claim for input tax credits unsuccessful

By Warren Kruger | March 12, 2025

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

ATO “busts” NFP myths

By Warren Kruger | March 10, 2025

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

Claiming fuel tax credits when rates change

By Warren Kruger | March 7, 2025

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

By Warren Kruger | March 5, 2025

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

How to master employer obligations in 2025

By Warren Kruger | March 3, 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 […]

Business or hobby?

By Warren Kruger | July 13, 2016

You may be unsure whether you’re in business, or your activity is just a hobby. A hobby is a spare-time activity or pastime pursued for pleasure or recreation. Unlike a hobby, a business is run with the intention of making a profit and has basic reporting requirements, such as declaring income and claiming expenses. It’s […]

Renting Out Part Or All Of Your Home

By Warren Kruger | August 5, 2016

Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent out part of your home, such as […]

Gumboots? Check, Akubra? Check. Tax Status? …

By Warren Kruger | August 1, 2016

Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. It can be easy to poke fun at the typical hobby farmer (like the old joke about their skills at growing blackberries and rabbits). For many the choice to embrace the […]

Volunteer | Taxwise Australia | (08) 9248 8124

I’m a volunteer. Any taxing issues?

By Warren Kruger | August 19, 2016

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping up all sorts of […]

What types of legal expenses are allowable as tax deductions?

By Warren Kruger | September 5, 2016

When a legal expense is incurred in relation to the operation of a business for the purpose of producing assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is […]

When is refinancing loan interest deductible to a partnership?

By Warren Kruger | September 12, 2016

About General Law and Tax Law Partnerships A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for […]

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