Our Insights
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
GST classification of products
Avoid GST Classification Errors: ATO Guidance for Small and Medium Businesses Self-Review Tips for Food and Health Product GST Compliance GST classification errors can lead
Tax incentives for early stage investors
Tax Incentives for Investors in Early Stage Innovation Companies (ESIC) Potential Tax Offsets and Capital Gains Tax Benefits for Qualifying Shareholders The ATO is reminding
Storing correct records for work-related expenses
Work-Related Deductions: What You Need for the New Financial Year Understanding Record-Keeping and Methods for Claiming Working from Home Expenses Taxpayers need to consider what
Taxpayers can start lodging their tax returns
Streamlined Tax Lodgment: ATO Pre-Filled Data Simplifies the Process Ensure Accurate Deduction Claims and Stay Informed of Changing Rules With millions of pieces of information
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super
ATO may cancel inactive ABNs
ATO’s Review of Inactive ABNs Ensuring Continued Eligibility and Steps to Reapply if Your ABN is Cancelled The ATO regularly reviews, and sometimes cancels inactive
Navigating the Main Residence Exemption
ATO ‘main residence exemption tips’ Key Considerations for Taxpayers When Selling a Home The main residence exemption needs to be considered in a variety of
ATO to Acquire Medicare Exemption Data
Notice of Medicare levy exemption data-matching program Ensuring Accurate Claims for Medicare Levy and Surcharge Exemptions for 2024-2026 The ATO will acquire Medicare Exemption Statement
New lodgment obligation for income tax exempt organisations
Annual NFP Self-Review Return Requirement Ensuring Income Tax Exemption Eligibility for Non-Charitable Not-for-Profits Non-charitable not-for-profits (‘NFPs’) with an active ABN, including community service organisations, need
Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal
