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Latest News

ART rejects taxpayer's claim for CGT small business relief

ART rejects taxpayer’s claim for CGT small business relief

By Warren Kruger | April 14, 2025

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

General transfer balance cap will be indexed on 1 July 2025

By Warren Kruger | April 11, 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

Quarterly TBAR lodgment reminder

By Warren Kruger | April 9, 2025

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

Taxable payments annual report lodgment reminder

By Warren Kruger | April 7, 2025

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 […]

plug-in hybrid exemption changes

FBT record keeping and plug-in hybrid exemption changes

By Warren Kruger | April 4, 2025

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 […]

March 2025 Quarter Superannuation Guarantee

Reminder of March 2025 Quarter Superannuation Guarantee (‘SG’)

By Warren Kruger | April 3, 2025

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 […]

Why Partnerships? Facts and Foibles

By Warren Kruger | September 14, 2016

Set-up Costs Partnerships can be less expensive to set up as a business structure than starting business as a sole trader, as there will likely be greater financial resources than if you operated on your own. On the flip side however, you and your partners are responsible for any debts the partnership owes, even if […]

Oct Blog 1 Image | Taxwise Australia | (08) 9248 8124

Travel to a workplace: What’s in … What’s out?

By Warren Kruger | October 1, 2016

A recurrent topic of conversation is when taxpayers can claim deductions for travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. Work-related travel is a hot focus area of the ATO as taxpayers can often get claims wrong for such expenses and costs. Indeed, over the […]

Start-up business: which is the right structure for you?

By Warren Kruger | October 12, 2016

Startup businesses need to make one important decision from the outset – what type of business set-up will best suit your enterprise now? And which structure will be best for the future? You’ve got a choice of four basic business structures — sole trader, partnership, company or trust. Of course, there are also more sophisticated structures […]

5 tips to get home office deductions right

By Warren Kruger | November 5, 2016

You might be sick of the daily commute, or want more flexibility of hours — or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business. Or it could just be that the idea of working from home seems to […]

General facts about winding up your business

By Warren Kruger | October 8, 2016

There are times where business owners, voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures. For companies, the terms typically used would be to “go into […]

Don’t let a tax debt put you in a spin

By Warren Kruger | November 1, 2016

Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge. The Australian […]

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