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Latest News

ATO's appeal against decision that UPEs are not "loans" fails

ATO’s appeal against decision that UPEs are not “loans” fails

By Warren Kruger | March 14, 2025

The Full Federal Court recently dismissed the ATO’s appeal against an AAT decision that unpaid present entitlements (‘UPEs’) owing by a trust to a corporate beneficiary were not “loans” for Division 7A purposes. A corporate beneficiary had become entitled to a share of the income of a trust for the 2013 to 2017 income years. […]

Taxpayer's claim for input tax credits unsuccessful

Taxpayer’s claim for input tax credits unsuccessful

By Warren Kruger | March 12, 2025

In a recent decision, the Administrative Review Tribunal (‘ART’) rejected a taxpayer’s claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]

ATO "busts" NFP myths

ATO “busts” NFP myths

By Warren Kruger | March 10, 2025

Editor: As the Not-for-profit (‘NFP’) self-review return is due in March, the ATO has recently published a document ‘busting’ various NFP ‘myths’. Myth 1: All NFPs are income tax exempt. ATO response: This is not true. Some NFPs are income tax exempt and some are taxable. Myth 2: There is only one way to lodge […]

Claiming fuel tax credits when rates change

Claiming fuel tax credits when rates change

By Warren Kruger | March 7, 2025

Fuel tax credits changed on 3 February, and taxpayers could receive more savings for fuel they have acquired on and from this date. Different rates apply based on the type of fuel, when it was acquired and what activity it is used for. The ATO has the following tips for taxpayers to ensure they are […]

ATO’s tips to help taxpayers stay on top of their BAS

By Warren Kruger | March 5, 2025

The ATO has the following tips to help taxpayers get their BAS right before they lodge: They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields. If lodging online, or through a registered tax or BAS agent, they may be able to get an extra […]

How to master employer obligations in 2025

How to master employer obligations in 2025

By Warren Kruger | March 3, 2025

Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. They should identify if they have provided a fringe benefit. If they have, they should determine the […]

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 […]

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 […]

CGT withholding

CGT withholding measures now law

By Warren Kruger | January 31, 2025

The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Editor: Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not have a valid ‘clearance […]

ATO debunks Division 7A myths

ATO debunks Division 7A ‘myths’

By Warren Kruger | February 3, 2025

Editor: The ATO has recently published a document ‘debunking’ various Division 7A ‘myths’. Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free. A payment or other benefit provided by a private company to a shareholder or their associate can be treated as […]

ATOs notice of rental bond data-matching program

ATOs notice of rental bond data-matching program

By Warren Kruger | February 5, 2025

The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details. The objectives of this program are to (among other things) identify and educate individuals and businesses who […]

student and training loan

Study/training loans — What’s new

By Warren Kruger | February 7, 2025

The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. […]

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