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 they have attended to the following matters this FBT time: - Identify if they have an...

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...

The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes. A useful approach for establishing whether or not a worker is an employee of an engaging entity is to consider whether...

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...

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...

A major reason your tax return outcome may change is that the low and middle income tax offset ended on 30 June 2022. LMITO is not available for the 2022–23 income year and later income years. You received LMITO for 2021–22 income year if your taxable income...

The ATO will acquire ride sourcing data relating to approximately 200,000 individuals to identify individuals that may be engaged in providing ride sourcing services during the 2022/23 financial year. The data items include: - identification details (driver identifier, ABN, driver name, birth date, mobile phone number, email...

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...

The ATO has advised that, in the lead up to 30 June, trustee clients who wish to make beneficiaries presently entitled to trust income for the 2023 income year should ensure their trustee resolutions are effective.  This includes where trustees may want to make beneficiaries 'specifically...

As we mentioned last month, this is your last chance to claim deductions under temporary full expensing. Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new assets first held,...

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