Latest News

Latest News

ART rejects taxpayer's claim for CGT small business relief

ART rejects taxpayer’s claim for CGT small business relief

By Warren Kruger | April 14, 2025

In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer was not entitled to the CGT small business concessions on the disposal of his interests in some farm land. The taxpayer ran a beef cattle business (in partnership with his wife) on properties adjacent to the dairy farm that his parents owned. […]

General transfer balance cap will be indexed on 1 July 2025

General transfer balance cap will be indexed on 1 July 2025

By Warren Kruger | April 11, 2025

Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025. This cap will increase by $100,000 from $1.9 million to $2 million. Editor: The general TBC amount is used for a number of purposes, including to determine the total capital amount that can be transferred to the retirement (pension) phase, and […]

Quarterly TBAR lodgment reminder

Quarterly TBAR lodgment reminder

By Warren Kruger | April 9, 2025

SMSFs must report certain events that affect a member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). These events must be reported even if the member’s total superannuation balance is less than $1 million. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the March quarter are due […]

Taxable payments annual report lodgment reminder

Taxable payments annual report lodgment reminder

By Warren Kruger | April 7, 2025

Businesses that pay contractors for ‘Taxable payments reporting system services’ may need to lodge a ‘Taxable payments annual report‘ (‘TPAR’) by 28 August each year. Editor: This includes businesses paying contractors in the building and construction, cleaning and IT industries. From 22 March, the ATO will apply penalties to businesses that have not lodged their […]

plug-in hybrid exemption changes

FBT record keeping and plug-in hybrid exemption changes

By Warren Kruger | April 4, 2025

With the 2025 fringe benefits tax (‘FBT’) year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations. Alternative record keeping changes For the 2025 and succeeding FBT years, employers can use existing records instead of travel diaries and declarations for some fringe benefits. If […]

March 2025 Quarter Superannuation Guarantee

Reminder of March 2025 Quarter Superannuation Guarantee (‘SG’)

By Warren Kruger | April 3, 2025

Employers are reminded that employee super contributions for the quarter ending 31 March 2025 must be received by the relevant super funds by Monday, 28 April 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 […]

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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