Miscellaneous
With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their tax returns. Taxpayers who plan to claim deductions this year should make sure they have the correct records, and, in most […]
The Federal Court has recently overturned an Administrative Appeals Tribunal (‘AAT’) decision that a taxpayer was a resident of Australia for tax purposes (even though he was mostly living and working overseas during the relevant period). The taxpayer was a mechanical engineer who became an Australian citizen in 1978. He lived and worked in Dubai, […]
SMSFs cannot acquire an asset from a ‘related party’ (such as a member or their spouse or relative) unless it is acquired at market value and is: a listed security (e.g., shares, units or bonds listed on an approved stock exchange); ‘business real property’ (broadly, land and buildings used wholly and exclusively in a business); […]
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed, having regard to the following in particular: A bank or credit card statement on its own will generally not be enough evidence to support a work-related expense claim. Taxpayers instead need detailed written evidence such as […]
Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive. This new measure gives them the opportunity to claim a bonus deduction equal to 20% of the cost of […]
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full names, dates of birth, addresses, emails, business names, ABNs, contact phone numbers and account details. The ATO estimates the total number of account records to be obtained will be between 20,000 and 30,000 each income […]