Latest News
Check that holiday employees get the right super
The ATO is reminding employers that the holiday season is fast approaching, and that their holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid, because the $450-per-month threshold for super guarantee (‘SG’) eligibility […]
ATO advice for SMSFs thinking about investing in crypto assets
The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto assets. However, the ATO notes that some of these […]
Director ID deadline is approaching
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 administered by the Australian Business Registry Services (‘ABRS’), which […]
Banking business income to a private account
The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and […]
Varying PAYG instalments
Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the amount they pay now will be more or less than their expected tax liability for the year, by lodging a variation through myGov or Online services for business. Instalments for those who […]
Valuing fund assets for an SMSF’s annual return
Editor: The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the assets annually. One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]