Latest News
ART rejects taxpayer’s claim for CGT small business relief
In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer was not entitled to the CGT small business concessions on the disposal of his interests in some farm land. The taxpayer ran a beef cattle business (in partnership with his wife) on properties adjacent to the dairy farm that his parents owned. […]
General transfer balance cap will be indexed on 1 July 2025
Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025. This cap will increase by $100,000 from $1.9 million to $2 million. Editor: The general TBC amount is used for a number of purposes, including to determine the total capital amount that can be transferred to the retirement (pension) phase, and […]
Quarterly TBAR lodgment reminder
SMSFs must report certain events that affect a member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). These events must be reported even if the member’s total superannuation balance is less than $1 million. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the March quarter are due […]
Taxable payments annual report lodgment reminder
Businesses that pay contractors for ‘Taxable payments reporting system services’ may need to lodge a ‘Taxable payments annual report‘ (‘TPAR’) by 28 August each year. Editor: This includes businesses paying contractors in the building and construction, cleaning and IT industries. From 22 March, the ATO will apply penalties to businesses that have not lodged their […]
FBT record keeping and plug-in hybrid exemption changes
With the 2025 fringe benefits tax (‘FBT’) year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations. Alternative record keeping changes For the 2025 and succeeding FBT years, employers can use existing records instead of travel diaries and declarations for some fringe benefits. If […]
Reminder of March 2025 Quarter Superannuation Guarantee (‘SG’)
Employers are reminded that employee super contributions for the quarter ending 31 March 2025 must be received by the relevant super funds by Monday, 28 April 2025. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and […]
Business or hobby?
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
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? …
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 […]
I’m a volunteer. Any taxing issues?
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?
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?
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 […]