Deductions denied for work-related expenses
AAT Decision Highlights Importance of Substantiation for Work-Related Expense Claims Real Estate Salesman’s Deductions Disallowed Due to Lack of Substantiation The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied. The taxpayer, a real estate salesperson, claimed […]
Claiming deductions in relation to a holiday home
Maximising Holiday Home Deductions A Guide to Valid Rental Expenses Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid […]
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. […]
Notice of visa data-matching program
ATO’s Enhanced Data Collection for Visa Holders The 2024-2026 Visa Data Acquisition Program in Detail The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including the following: address history and contact history for visa applicants, sponsors, and migration agents; active visas meeting the relevant criteria, […]
Deduction for contributions denied due to notice requirement problems
AAT Ruling on Personal Super Contribution Deduction Claim Key Notice Requirements and the Impact on Deductions The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant ‘notice requirements’ were not satisfied. In order to claim a deduction for personal super contributions, […]
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 […]
Reallocation of excess concessional contributions denied
Administrative Appeals Tribunal case The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year. On Wednesday, 26 June 2019, the taxpayer arranged for […]
Claiming GST credits for employee expense reimbursements
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A ‘reimbursement’ is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular […]
Changes to deductions this tax time
Changes to deductions this tax time Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 […]
