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Latest News

ATO reminder about family trust elections

ATO reminder about family trust elections

By Warren Kruger | December 13, 2024

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 […]

Taxpayers claims for various home business expenses rejected

Taxpayer’s claims for various ‘home business’ expenses rejected

By Warren Kruger | December 11, 2024

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

SMSFs cannot be used for Christmas presents!

By Warren Kruger | December 9, 2024

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 […]

ATOs tips for small businesses

ATO’s tips for small businesses to ‘get it right’

By Warren Kruger | December 6, 2024

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, […]

Downsizer contribution - superannuation

Reminder of December 2024 Quarter Superannuation Guarantee (‘SG’)

By Warren Kruger | December 4, 2024

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

Can staff celebrations attract FBT?

By Warren Kruger | December 2, 2024

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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ATO Please cancel unused ABNs | Taxwise Australia | (08) 9248 8124

ATO Asks Businesses to Check if They Are Still Using Their ABNs

By Warren Kruger | May 11, 2021

  | | | The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them about cancelling their ABN. The ATO may also contact them about their ABN if their business situation has changed. To ensure businesses don’t miss out on Government support, including during unfortunate […]

Superannuation Guarantee

Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’)

By Warren Kruger | December 19, 2023

Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024. 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 component. The […]

tax cuts

Government announces changes to proposed ‘Stage 3’ tax cuts

By Warren Kruger | January 8, 2024

Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold; increase […]

Changes in reporting requirements for sporting clubs

Changes in reporting requirements for sporting clubs

By Warren Kruger | January 15, 2024

Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a game, sport or animal racing.   Any other purpose of the organisation must be incidental, ancillary […]

Deductions denied for work-related expenses

Deductions denied for work-related expenses

By Warren Kruger | January 22, 2024

The Administrative Appeals Tribunal (‘AAT‘) recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied. The taxpayer, a real estate salesperson, claimed tax deductions for the 2018 to 2020 income years, during which time he derived income from his employment with a […]

Sale of land subject to GST

Sale of land subject to GST

By Warren Kruger | January 29, 2024

The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 for $1.6 million, and he subsequently took steps for the land […]

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