Our Insights
Tax Office clarifies Division 7A position
The ATO has clarified five common myths about Division 7A tax legislation.
What’s new on study and training loans
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower.
CGT withholding measure now law
In January, the Government recently passed legislation making changes to the foreign resident capital gains withholding laws.
When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
Taxpayer claims for various ‘home business’ expenses rejected
Taxpayer’s $40,000 Deduction Claims Rejected by Tribunal Unsubstantiated and Private Expenses Lead to Full Denial of Tax Deductions In a recent decision, the AAT rejected
ATO reminder about family trust elections
Family Trust Elections: Key Considerations for Trustees Understand the Benefits, Risks, and Family Group Implications to Avoid Costly Taxes Taxpayers may be considering whether they
AAT rejects taxpayer’s claims for work-related expenses
Work-Related Deductions Denied AAT Rejects Taxpayer’s Expense Claims Lack of evidence and use of company vehicles led the AAT to disallow nearly $10,000 in work-related
Reminder of December 2024 Quarter Super Guarantee
Superannuation Deadline ‘SG’ Approaching Don’t Miss the 28 January Cut-Off Ensure Compliance with the 11.5% SG Rate to Avoid Penalties and Interest Employers are reminded
Deductions for financial advice fees
Understanding Tax Deductions for Financial Advice Fees When individuals can claim deductions on financial advice fees linked to income generation and tax management. The ATO
Eligibility for compassionate release of superannuation
Early Release of Super on Compassionate Grounds: Eligibility and Conditions The ATO outlines strict criteria for accessing super funds early, covering medical, disability, palliative, funeral
Christmas Parties and Gifts December 2024
Year-end (and other) staff parties With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory
ATO’s notice of government payments data-matching program
ATO to Collect Government Payments Data for Enhanced Compliance Data matching for 2024–2026 will track payments to 60,000 service providers annually, improving tax transparency and
