The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the
As the end of the financial year has just past, the ATO is reminding employers that they should check what they need to do and take note of the following upcoming key dates. Pay as you go (‘PAYG’) withholding — From 1 July 2025, some
The Department of Home Affairs will obtain data from the ATO to identify whether business sponsors are complying with their sponsorship obligations (e.g., paying visa holders correctly) and whether temporary skilled visa holders are complying with their visa conditions (e.g., to work only for an
The Tax Practitioners Board (‘TPB’) warns that the number of ‘finfluencers’ is on the rise. These are influencers who offer financial advice, including tax advice, on various social media platforms such as Instagram and TikTok. Unfortunately, they do not always have the necessary qualifications to
The Administrative Review Tribunal (‘ART’) recently held that a taxpayer was entitled to claim deductions for home office and car expenses incurred during the COVID-19 pandemic. The taxpayer was employed full time by the ABC producing the ABC Sport Digital Radio station (‘Digital Role’) and
The ATO has the following tips for small business owners “that can make your tax life easier”: They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (e.g., by transferring
The ATO is currently focusing on the following ‘specific risk areas’, where it is concerned “small businesses are getting it wrong”: – Contractors omitting income — with a focus on data matching to ensure all income is reported. -Quarterly to monthly BAS reporting for GST
The ATO is warning the community about a “proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.” ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when an individual can
Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year. If a taxpayer’s business has an aggregated annual turnover of less than $10 million and they use
Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover. They must collect and pay GST and income tax on all their rides and all other business income. The ATO is advising drivers in this industry who do not
The ATO advises new business owners that they need to understand their obligations to ensure they are “getting it right from the start.” These are the ‘top 7 things’ taxpayers need to know when starting a business. They should use digital tools and maintain accurate
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: – A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as