Tax Office clarifies Division 7A position
The ATO has clarified five common myths about Division 7A tax legislation.
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 accuracy. The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service […]
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 and income details—learn how proactive steps can save you from a surprise tax bill! Individual taxpayers can take the following steps right now to ensure the correct amount of tax […]
Notice of officeholder data-matching program
ATO’s Comprehensive Data Acquisition Program Here’s what you need to know The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: their name, address and date of birth; email address and […]
Tax issues for businesses that have received a support payment
Navigating Tax Implications for Government Support Grants What Business Owners Need to Know Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, […]
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 […]
Transfer balance cap indexation
Transfer balance cap due to increase this July An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund, such as an account-based pension, without being subject to penal taxation. When the TBC concept was introduced with effect from 1 July 2017, it was […]
