Latest News
ATO warning regarding private use of work vehicles and FBT
Employers that supply work vehicles to their employees need to check how the work vehicles are used and whether any exemptions apply to determine if they attract fringe benefits tax (‘FBT’). FBT generally applies when a work vehicle is made available for private use, even if it is not actually used. Private use includes any […]
Tips to help sole trader clients
The ATO is seeing sole traders make mistakes in the following areas: not reporting all income — this includes income earned outside their business (like a ‘side hustle’), cash jobs, or payments in-kind/barter deals; overclaiming expenses — this includes claiming the portion of an expense related to personal use, or overstating the cost of goods […]
Correctly dealing with rental property repairs
Taxpayers who have had work done on their rental property should ensure the expense is categorised correctly to avoid errors when completing their tax return. A deduction for ‘repairs and maintenance’ expenses can be claimed for work done to remedy, or prevent defects, damage or deterioration from using the property to earn income. These expenses […]
Reminder of September Quarter Superannuation Guarantee (‘SG’)
Employers are reminded that employee super contributions for the quarter ending 30 September 2025 must be received by the relevant super funds by Tuesday, 28 October 2025. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which (as noted above) includes […]
Employees incorrectly treated as independent contractors
The ATO is warning businesses that if they incorrectly treat an employee as an independent contractor, then they risk receiving penalties and charges, including: PAYG withholding penalty for failing to deduct tax from worker payments and send it to the ATO; Super guarantee charge (‘SGC’), which is more than the super that would have been […]
PAYGW reminders for activity statement lodgments
The ATO will be sending certain employers a reminder to lodge their activity statements. The reminder will include the amounts the ATO has on record for them, such as: PAYG withheld amounts reported through Single Touch Payroll; and any other pre-filled amounts, including GST instalments and PAYG instalments (instalment amount option). The ATO’s reminders are […]
Have You Had A Change In Creditable Purpose For GST Reporting Purposes?
Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for assets that have had their intended use change from that originally planned, you need to […]
Will New Limited Recourse Borrowing Arrangments Rules Stymie Your SMSF Contribution Plans?
An “integrity” measure, which aimed to stop SMSF trustees from manipulating their total superannuation balance in order to keep below the $1.6 million threshold, may have the unintended outcome of reducing the appeal of Limited Recourse Borrowing Arrangements. Legislated changes to limited recourse borrowing arrangements (LRBAs) in regard to calculating an SMSF member’s total superannuation […]
Shares and Tax: A Stockmarket Investment Primer
Investing in the stockmarket is a lot more common than it was years ago, with ordinary Australians having experience with shares and the stockmarket either directly or through managed funds or via their superannuation fund. Recent research conducted by the Australian Securities Exchange (ASX) found that around 60% of Australians hold share investments outside of […]
Lodgement Rates and Thresholds Guide 2018 – 2019
To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loand repayment rates. […]
Apportioning GST Annually For Business And Private Purchases
The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses are […]
We have been using Taxwise for 3 years now
We have been using Taxwise for 3 years now. We love the ease of having someone come to our house to assist with our return each year. David who assists us each year has a wealth of knowledge and definitely makes tax time so much easier and stress free. We recommended Taxwise to our parents […]