Government warns of ‘malicious’ myGov scammers
Stay Alert to Protect Your ATO Log-In Details from Scammers Government Warns of Rising Tax Fraud via Fake myGov Sites and Urges Vigilance The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The ATO has received a large number of reports of scammers using fake […]
Taxpayer unsuccessful in having excess contributions reallocated
AAT Decision on Excess Concessional Contributions Tax Taxpayer’s Liability Upheld for Contributions Exceeding Cap Despite Lack of Employer Agreement The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s […]
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 […]
Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
FBT time is fast approaching!
Navigating FBT Obligations: A Reminder from the ATO Stay Ahead of the Curve with Key Tasks and New Guidelines for Fringe Benefits Tax Time The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations. Employers need to ensure […]
Changes in reporting requirements for sporting clubs
Annual Not For Profit Self-Review Returns Ensuring Tax Exemption Compliance for Sporting Clubs and Associations Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a […]
Updated tax cuts approved by both Houses
Starting 1 July, a wider range of taxpayers will benefit from tax reductions as the tax cuts bill proposed by Labor has successfully passed through the Senate. Key points On 25 January 2024, the Prime Minister announced that the Government would redesign the legislated Stage 3 tax cuts and increase the Medicare levy low-income thresholds. […]
Government announces changes to proposed ‘Stage 3’ tax cuts
New Changes to Tax Rates and Thresholds Raise Questions Amidst Speculation What You Need to Know Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16% reduce […]
ATO lodgement penalty amnesty about to end
The ATO is remitting failure to lodge penalties for eligible small businesses Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so Businesses must meet the following criteria in order to be eligible for the amnesty: had an annual turnover under $10 million […]
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 […]
