Latest News
ATO reminder about family trust elections
Taxpayers may be considering whether they should make a family trust election (‘FTE’) for a trust, or an interposed entity election (‘IEE’) for a trust or other entity. Making an FTE provides access to certain tax concessions (assuming the relevant tests and conditions are satisfied), although there are important things to consider. In particular, once […]
Taxpayer’s claims for various ‘home business’ expenses rejected
In a recent decision, the AAT rejected in full a taxpayer’s claims for “several classes or categories of deductions.” For the relevant period of 1 July 2021 to 30 June 2022, the taxpayer was (according to his employer) a ‘technical architect’. However, the taxpayer also claimed he worked from home 6am to 11pm seven days […]
SMSFs cannot be used for Christmas presents!
There are very limited circumstances where taxpayers can legally access their super early, and the ATO is reminding taxpayers that “paying bills and buying Christmas presents doesn’t make the list.” Generally, taxayers can only access their super when they: reach preservation age and ‘retire’; or turn 65 (even if they are still working). To access […]
ATO’s tips for small businesses to ‘get it right’
While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. The ATO advises taxpayers that it is important to get the following ‘basics’ right: using digital tools and business software to help track and streamline processes to increase the efficiency of their business; keeping accurate and complete records, […]
Reminder of December 2024 Quarter Superannuation Guarantee (‘SG’)
Employers are reminded that employee superannuation contributions for the quarter ending 31 December 2024 must be received by the relevant super funds by 28 January 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 interest […]
Can staff celebrations attract FBT?
With the holiday season coming up, employers may be planning to celebrate with their employees. Before they hire a restaurant or book an event, employers should make sure to work out if the benefits they provide their employees are considered entertainment-related, and therefore subject to fringe benefits tax (‘FBT’). This will depend on: the amount […]
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Regulations Confirm No SG Obligation On Jobkeeper Payments Where Work Is Not Performed
| | | The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of salary or wages that do not relate to the performance of work and are only paid to an employee to satisfy the wage condition for getting the JobKeeper payment are prescribed […]
COVID-19 and Division 7A Relief
| | | The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”. A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to […]
Extension of the JobKeeper Payment
| | | Sadly, many Australian businesses are a long way from trending back to ‘normal’ as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications. The JobKeeper Payment, which was originally due to […]
Jobkeeper Declaration Due 14 June
| | | Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. The monthly declaration must be made by the 14th day of each month to claim JobKeeper […]
Treasury Laws Amendment – Extending The Instant Asset Write-Off
| | | Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. Extending the Instant Asset Write-Off This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than $500 million to immediately deduct […]
ATO On Property Investments
| | | The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential […]
