Latest News
Businesses using cash to dodge obligations
The ATO is ‘cracking down’ on businesses that use cash to dodge obligations on their tax, employer and business. Businesses that do this may: – fail to report all sales transactions and fail to issue receipts; – avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; – report their income […]
$20,000 instant asset write-off extended
Editor: The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able touse the instant asset write-off (‘IAWO’) to immediately deduct the business […]
Tax dodgers banned from leaving the country
The ATO is actively using departure prohibition orders (‘DPOs’) as part of a broader shift towards strengthening payment performance and debt collection. A DPO is an enforcement action available to the ATO to prevent certain persons with tax liabilities from leaving Australia without paying their outstanding tax. Since July 2025, the ATO has issued 21 […]
Paying super guarantee
The ATO is reminding employers that they must pay super guarantee (‘SG’) contributions for eligible employees. Employers need to pay a minimum of 12% (the current SG rate as from 1 July 2025) of each employee’s ordinary time earnings into a complying super fund on a quarterly basis (the due date for the March 2026 […]
Taxpayer’s dog breeding activities held to be an enterprise
The Administrative Review Tribunal (‘ART’) recently held that a taxpayer had carried on an enterprise of dog breeding for GST purposes. He had lodged activity statements for the quarters ended 30 September 2018 to 31 December 2021 inclusive, claiming input tax credits (‘ITCs’) for the dog breeding activities he carried on from his home (among […]
Time limits on GST and fuel tax credit claims
Taxpayers should note that GST credits and fuel tax credits will expire if not claimed within the 4-year credit time limit (i.e., generally four years from the due date of the original BAS in which the taxpayer could have claimed them). Once credits expire, the ATO has no discretion or ability to amend the assessment […]
Does your SMSF need a valuation?
The rules around the valuation of assets held under an SMSF have seen a lot of changes over the years. The requirement to consider valuing SMSF assets at market value when preparing the annual financial statements of the fund was one of the most significant and controversial of these changes. The use of market value accounting for […]
SMSF compliance for 2016 – 2017
The ATO has announced the approach it intends to take over 2016-17 with regard to SMSF compliance. It says trustees will see some key shifts in the ATO’s emphasis, both in terms of the activities it undertakes and the levels of enforcement action it applies. The ATO says its key focus areas will be: to […]
Setting up an SMSF: What you need to know
There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation fund (SMSF). Managing your own retirement savings however is a huge responsibility and one that should […]
SMSF trustee with the travel bug? How to keep your fund compliant.
Are you the trustee of an SMSF but also a travel aficionado? Nothing wrong with that; however trustees need to be aware that there can be negative consequences if you are out of the country for too long. If a trustee relocates overseas for an extended period, the residency status of the SMSF, its compliance […]
Deducations For Finance on a Rental Property
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income. In these circumstances the interest paid is deductible even if it exceeds […]
Treasury Amends LRBA Requirements For SMSFs Again
As if the new transfer balance cap rules were not complicated enough, the government has passed legislation that complicates it further where an SMSF starts a limited recourse borrowing arrangement (LRBA) from 1 July 2017. Treasury was concerned that some trustees would try to get around the $1.6 million transfer balance cap (TBC) through the […]