ATO lodgement penalty amnesty 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 […]
Proper Cybersecurity Vigilance
ATO says “Be cyber-wise, don’t compromise” Four Essential Steps to Safeguard Your Digital World 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 […]
Deduction for contributions denied due to notice requirement problems
AAT Ruling on Personal Super Contribution Deduction Claim Key Notice Requirements and the Impact on Deductions The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant ‘notice requirements’ were not satisfied. In order to claim a deduction for personal super contributions, […]
Christmas parties and gifts
Common entertainment scenarios for business How FBT applies to businesses for Christmas parties If your business holds a Christmas party: on a working day, on your business premises, and only for your current employees, you don’t pay fringe benefits tax (FBT) for the food and drink off your business premises, or the party includes associates […]
Research shows Gen Zs are financially stressed with high debt
Gen Z more concerned about finances than any generation in Australia New research shows Gen Zs are feeling financially stressed with high levels of debt including Buy Now Pay Later use. New nationwide research released by ASIC’s Moneysmart program shows for seven in ten (68%) Gen Zs, finances are a major cause of concern, more than any […]
Remember the unused concessional contributions cap concession
Enhanced Superannuation Contribution Opportunities Utilising Unused Concessional Contribution Caps for Eligible Individuals As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap (i.e., and make additional concessional contributions to […]
Choosing the right PAYG instalment method
Understanding PAYG Instalment Methods ATO Case Studies on Instalment Amount and Instalment Rate Methods The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method. It recently provided the following two case studies to illustrate the two methods: Case study 1: Kelly the […]
Taxpayers need to get their rental right
Important Tax Considerations for Rental Property Owners Reporting Rental Income and Managing Rental Expenses The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, […]
NALI provisions did not apply to loan structure
AAT Decision: SMSF Interest Income and Non-arm’s Length Income (NALI) A Look at the AAT Ruling on Exempt Current Pension Income and NALI Determinations The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), […]
ATO gives ‘green light’ to lodge
ATO’s Tax Filing Guidance for Simple Affairs Timely Tips for Taxpayers and Key Information on Lodging Income Tax Returns The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need […]
