1 July changes
Changes for business owners There are legal, financial, and other changes your business will have to be across very soon. Not sure what they are or what to do? Don’t worry, we have you covered. It’s been a big year for changes in areas like people management, pay and tax. Here’s a rundown of some […]
Side hustles in the ATO’s sights
ATO pursuing more forms of income as tax A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers to content creators and influencers. […]
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 […]
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 […]
2023-24 Federal Budget Summary
Modest but meaningful A range of measures provide cost-of-living relief to individuals such as increased and expanded JobSeeker payments and better access to affordable housing. As part of the measures introduced for small business, a temporary $20,000 threshold for the small business instant asset write-off will apply for one year, following the end of the […]
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 […]
Feds crack down on tax fraud
ATO and AFP crackdown on GST-fraud promoters A raft of enforcement activity has been undertaken across the country by the ATO-led Serious Financial Crime Taskforce, including the execution of search warrants and issuing of warning letters. At 31 December 2022, the ATO took compliance action on more than 53,000 clients and stopped approximately $2.5 billion […]
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 […]
Builder unable to obtain refund of incorrectly charged GST
Ruling by Administrative Appeals Tribunal impacts GST refund guidelines The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on the sale of a residential premises that had been rented for just over five years since construction was complete. The taxpayer claimed the GST charged on […]
Electric vehicle FBT exemption now law
Legislation to make certain electric vehicles exempt from FBT enacted into law Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from fringe benefits tax (FBT). For this exemption to apply various criteria need to be satisfied. The car needs to have been both […]
