Miscellaneous

Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025. This cap will increase by $100,000 from $1.9 million to $2 million. Editor: The general TBC amount is used for a number of purposes, including to determine the total capital amount that can be transferred to the retirement (pension) phase, and […]

SMSFs must report certain events that affect a member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). These events must be reported even if the member’s total superannuation balance is less than $1 million. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the March quarter are due […]

With the 2025 fringe benefits tax (‘FBT’) year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations. Alternative record keeping changes For the 2025 and succeeding FBT years, employers can use existing records instead of travel diaries and declarations for some fringe benefits. If […]

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 purposes — The ATO will move around 3,500 small businesses with […]

The Full Federal Court recently dismissed the ATO’s appeal against an AAT decision that unpaid present entitlements (‘UPEs’) owing by a trust to a corporate beneficiary were not “loans” for Division 7A purposes. A corporate beneficiary had become entitled to a share of the income of a trust for the 2013 to 2017 income years. […]

In a recent decision, the Administrative Review Tribunal (‘ART’) rejected a taxpayer’s claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]