Not-for-profit self-review return due March
As the Not-for-profit self-review tax return is due in March, the ATO has published their Q&As ‘busting’ various NFP ‘myths’.
How to master your employer obligations in 2025
Taxpayers who employ staff should remember these important dates and obligations in 2025.
Claiming fuel tax credits when rates change
Taxpayers could receive more savings for fuel they have acquired on and from February 2025.
Tax Office clarifies Division 7A position
The ATO has clarified five common myths about Division 7A tax legislation.
CGT withholding measure now law
In January, the Government recently passed legislation making changes to the foreign resident capital gains withholding laws.
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 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 […]
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 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 […]
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 deductions for a traffic controller. In a recent decision, a taxpayer’s claims for various work-related expenses were rejected by the AAT. The taxpayer was employed as a traffic controller in […]
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 that employee superannuation contributions for the quarter ending 31 December 2024 must be received by the relevant super funds by 28 January 2025. If the correct amount of SG is […]
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 has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to […]
