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 annual...

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 the 32.5% tax rate to 30% for...

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 they...

The ATO has announced its three key focus areas for this Tax Time: - 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 made: "Within these areas, we have...

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 ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. The...

With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties)...

The Government has launched an awareness campaign to help company directors get their director identification number ('director ID') as the 30 November deadline approaches. A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever. Director IDs are...

The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold and any credits or refunds would be offset against this debt. As a result, such a small business may find that their refund...

Over the last two years, since the onset of the COVID-19 pandemic, the Australian Taxation Office has been more lenient with lodgements and payments, allowing for more payment and lodgement deferrals and acknowledging the financial strain on so many taxpayers. Recently, we have seen an end...

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