In the ATO’s sights this Tax Time
The ATO has announced its three key focus areas for this Tax Time Make sure you are up to date as necessary The areas of focus are: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being […]
2023-24 Budget Update
Here’s what you need to know On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget) include: from 1 July 2026, employers will be required to pay their employees’ superannuation at the same time […]
Taxpayers not carrying on an agistment business
AAT finds taxpayers not carrying on a business of providing services to their company Taxpayers not entitled to various deductions for agistment and animal husbandry services provided to their own company, AAT rules The Administrative Appeals Tribunal (‘AAT’) has held that two taxpayers were not carrying on a business of providing services to a company […]
Last chance to claim deductions under temporary full expensing
Temporary Full Expensing: A Time-Limited Deduction for Businesses Eligibility Criteria, Opt-Out Provisions, and Impending Deadline for the Tax Benefit Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Under temporary full expensing, businesses with an aggregated […]
Significant change to claiming working from home expenses
Be aware of updated rules when claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut method – which was available from 1 March 2020 to […]
Small business tax incentives back on the table
The Government has confirmed its commitment to implementing two tax incentives These aim to support small businesses to train and upskill employees, and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]
Rental property income and deductions focus
Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and […]
Individual car expenses
ATO updates ‘cents per kilometre’ rate for individuals The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to 78 cents per business kilometre. The cents per kilometre method: uses a set rate for each kilometre travelled for business; allows taxpayers to claim a maximum of […]
SG contribution due date for June 2022 quarter
Super guarantee contribution due date for June 2022 quarter The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%. Employers that do […]
2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
