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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Beware Of Scams
| | | Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most ‘popular’ type of investment scams, representing over 50% of losses. Often the initial investment amount is low (between […]
Sitting on the Fence?
Why people DO it Around 20% of Australians invest in property for: Potential capital growth Rental income Tax benefits. They tend to consider property one of the more solid, less volatile forms of investment because you can actually touch bricks and mortar. They like the feeling of getting ahead financially. They don’t want to be […]
JobMaker Hiring Credit Scheme: Claims Open From 1 February 2021
| | | The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first JobMaker period […]
Changes To STP Reporting from 1 July 2021
| | | Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption. From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers. […]
Additional ATO Support During COVID-19
| | | The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19. Available support includes the following: Lodgment or payment support options – for example, payment plans or remitting interest and penalties. Varying PAYG instalments – The ATO will not apply […]
Changes to STP Reporting Concessions From 1 July 2021
| | | Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021. The STP reporting changes that apply for these employers from […]
