Tribunal Decisions uphold ATO stance on GST and UPEs
The AAT rejected a taxpayer’s late input tax credit claim, while the Full Federal Court upheld a decision that unpaid present entitlements (UPEs) are not considered loans for Division 7A purposes.
2025-26 Federal Budget Summary
The 2025–26 Federal Budget outlines personal tax cuts, student debt relief and housing measures with minimal changes for small businesses and super, many of which remain uncertain pending the outcome of the upcoming federal election.
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.
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 […]
Avoiding common Division 7A errors
Navigating Division 7A: Ensuring Compliance with Private Company Obligations Guidelines for Business Owners to Manage Payments, Benefits, and Loans from Private Companies Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their ‘Division 7A’ obligations). There […]
ATO warning regarding prohibited SMSF loans
Navigating Superannuation Compliance ATO’s Focus on Loans to SMSF Members Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if […]
Private company loan arrangements
Know your private company loan arrangements before you lodge The ATO advises taxpayers that, if they or an associate take a loan from their private company, they should not forget the requirements of repaying a private company loan for income tax purposes. Otherwise, they could find the loan treated as a Division 7A deemed dividend […]
Residential investment property loan data-matching program
ATO to Acquire Residential Investment Property Loan Data for Compliance and Analytical Purposes Scope, Utilisation, and Implications of the ATO’s Data-Matching Initiative for the 2021/22-2025/26 Financial Years The ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22 through to 2025/26 financial years, including: client identification […]
Discretionary trusts and corporate beneficiaries
Tax treatment of deemed dividends When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour of a corporate beneficiary (i.e., a privately held company), certain steps need to be taken to ensure that if the entitlement to the distribution remains unpaid (that is, no cash […]
SME Recovery Loan Scheme extended
Government extends SME Recovery Loan Scheme to 30 June 2022 The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the […]
