Our Insights
FBT on plug-in hybrid electric vehicles
Changes to FBT Exemptions for Plug-In Hybrid Vehicles Starting April 2025 Employers must have binding agreements in place to retain FBT exemptions for PHEVs, with
Xero changes to classic invoicing
Extension of ‘classic’ invoicing to 27 Feb 2025 Xero has announced an update to its invoicing system: the classic invoicing product, initially set to retire,
Could your staff celebration attract FBT?
Consider if fringe benefits tax (FBT) may apply or you could end up with an unexpected FBT liability. With the holiday season kicking off, you
ATO’s notices of data-matching programs
ATO Expands Data Acquisition for Enhanced Compliance from 2024 to 2027 New initiatives will gather comprehensive information from various sources, impacting millions—understand what data the
ATO security safeguards for victims of fraud recently enhanced
Enhanced Security Measures for Victims of Identity and Tax Fraud Taxpayers affected by fraud can now set up Strong online access for easier, secure use
Omnis Financial Planning – Winter 2024 Newsletter
Prepare for Life In this issue – Living your best life in retirement If you’re nearing retirement age, it’s likely you’re wondering if you will
Valuing fund assets for SMSFs
Essential Asset Valuation for SMSF Trustees: A Yearly Requirement Ensure accurate market value assessments to streamline your SMSF audit and annual return—learn how to provide
myGovID becoming myID
myGovID is Rebranding to myID: What You Need to Know No action required for users—your login details and access to government services will remain the
Avoid a tax time shock
Smart Tax Planning: Key Steps to Stay on Top of Your Obligations Ensure you’re setting aside the right amount of tax by reviewing loans, insurance
Penalties imposed on taxpayer who falsely amended tax returns
AAT Upholds ATO Decision on Shortfall Penalties for False Tax Returns Reckless Conduct Leads to Penalties for Incorrect Deductions Claimed on Amended Returns The Administrative
Australia’s Digital ID Act and new Trust Exchange
Australia’s Digital Identity Revolution: Introducing Trust Exchange (TEx) and New Legislation Government Unveils Groundbreaking Trust Exchange Technology, Supported by Enhanced Digital ID Legislation for Greater
Receiving payments or assets from foreign trusts
Foreign Trust Payments: Potential Tax Liabilities for Beneficiaries Understanding When Foreign Trust Distributions Must Be Included in Assessable Income Additional tax liabilities may arise when