Latest News
Beware websites sharing fake news on super preservation age
The ATO is warning the community about a “proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.” ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when an individual can access their superannuation savings on retirement) is 60 for anyone […]
$20,000 instant asset write-off for 2024/25
Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year. If a taxpayer’s business has an aggregated annual turnover of less than $10 million and they use the simplified depreciation rules, they may be able to use […]
Partial release from tax debt on serious hardship grounds
In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer should be released from payment of part of his tax debt on the grounds of serious hardship. As at the 2022 income year, the taxpayer had an accumulated tax debt of approximately $528,000, comprising income tax, late lodgment penalties, PAYG instalments, and […]
Taxi service and ride-sourcing providers must be registered
Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover. They must collect and pay GST and income tax on all their rides and all other business income. The ATO is advising drivers in this industry who do not have a TFN, ABN or GST registration that they need […]
Getting ready for business
The ATO advises new business owners that they need to understand their obligations to ensure they are “getting it right from the start.” These are the ‘top 7 things’ taxpayers need to know when starting a business. They should use digital tools and maintain accurate records to help them manage daily activities and cash flow. […]
‘Wild’ tax deduction attempts
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal in […]
ATO says: “Be cyber wise, don’t compromise”
Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following four quick steps to protect themselves. Step 1: Install updates for your devices and software Regular updates ensure taxpayers have the latest security in place which can help prevent cyber criminals from hacking their devices. […]
Losses in crypto investments for SMSFs
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would hack into trustees’ crypto accounts and steal all their […]
Labor Commits To Income Tax Cuts And Certainty On Negative Gearing
The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief . . . as the Morrison Government”. This means they have committed to upholding the legislated changes to personal income taxes and will also maintain the existing regimes for negative gearing and capital gains tax to […]
ATO’s lodgment penalty amnesty is about to end
The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: had an annual turnover under $10 million […]
Notice of officeholder data-matching program
The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: their name, address and date of birth; email address and contact phone number; organisation class, type and status, and state of […]
ATO warning regarding prohibited SMSF loans
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to […]