Latest News
‘Talking tax’ with new workers
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has a myGov account linked to the […]
How the myGov update affects taxpayers
Clients using myGov will see that it has recently been updated with a new look and more features. When signed in to myGov, clients might receive notifications through ‘Payments and claims’ from other government services, such as Centrelink. However, the ATO has stated that it will not communicate using this feature. Instead, the ATO will […]
Rental properties and second-hand depreciating assets
The ATO is reminding taxpayers that have a residential rental property, to take care of when making claims for ‘second-hand depreciating assets’ used in their properties. In most cases, these are items that existed in the taxpayer’s property when they purchased it or were in their private residence (which they later rented out), such as: […]
Small business tax incentives back on the table
The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and upskill employees and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]
Super comparison tool updated
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs. It ranks the performance of these products by fees and net returns. Each year, the Australian Prudential Regulation Authority (‘APRA’) assesses the performance of each MySuper product, and this information is displayed in the comparison tool. Updated […]
ATO reminder about appointing an SMSF auditor
The ATO is reminding trustees of self-managed super funds (‘SMSFs’) that they need to appoint an approved SMSF auditor no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before you need […]
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 […]