Latest News
Taxpayer’s claim for home office and car expenses successful
The Administrative Review Tribunal (‘ART’) recently held that a taxpayer was entitled to claim deductions for home office and car expenses incurred during the COVID-19 pandemic. The taxpayer was employed full time by the ABC producing the ABC Sport Digital Radio station (‘Digital Role’) and producing ABC live sports broadcasts, mainly NRL football (‘Live Role’). […]
Beware of tax advice from ‘finfluencers’
The Tax Practitioners Board (‘TPB’) warns that the number of ‘finfluencers’ is on the rise. These are influencers who offer financial advice, including tax advice, on various social media platforms such as Instagram and TikTok. Unfortunately, they do not always have the necessary qualifications to give out this advice or provide all the information taxpayers […]
TBAR for June quarter due 28 July
All SMSFs must report relevant transfer balance account (‘TBA’) events using transfer balance account reporting (‘TBAR’). All events must be reported regardless of the member’s total superannuation balance. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the June quarter are due by 28 July 2025. If no TBA event occurred […]
Notice of data exchange for skilled visa program compliance
The Department of Home Affairs will obtain data from the ATO to identify whether business sponsors are complying with their sponsorship obligations (e.g., paying visa holders correctly) and whether temporary skilled visa holders are complying with their visa conditions (e.g., to work only for an approved employer). The Department will provide to the ATO biographical […]
Taking Charge of Upcoming Employer Obligations
As the end of the financial year has just past, the ATO is reminding employers that they should check what they need to do and take note of the following upcoming key dates. Pay as you go (‘PAYG’) withholding — From 1 July 2025, some withholding schedules and tax tables will be updated (but not […]
Reminder of June 2025 Quarter Superannuation Guarantee (‘SG’)
Employers are reminded that employee super contributions for the quarter ending 30 June 2025 must be received by the relevant super funds by Monday, 28 July 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 includes a penalty and […]
Cryptocurrency and the ATO
Have you dabbled in Cryptocurrency? Cryptocurrency, such as Bitcoin, is not considered money or foreign currency but in fact is an asset for capital gains tax purposes. If you have purchased and disposed of any Cryptocurrency, this will need to be declared in your income tax return as a capital event. Appropriate records to keep […]
Understanding the Division 293 Tax
Division 293 tax is an additional tax on super contributions which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold. Why do I have to pay this? Normally, contributions into a superannuation fund are taxed at 15% immediately. This is so when you turn 65 you will […]
Don’t Get Played By iTunes Scammers
The ATO is reminding the public to be alert to scammers impersonating the ATO demanding iTunes gift cards as a form of tax debt payment. Assistant Commissioner Janine Clark said that based on recent reports made to the ATO, iTunes gift cards were part of new tactic being used by fraudsters. “In the last month, […]
How to Deal with SMSF Trustee Disputes
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends because SMSF trustees have vested interests, established duties and legal responsibilities towards the fund, […]
Tax Tips for Entrepreneurs
Considering small business tax implications in the early stages of a start-up is important to long-term success. Generally, when starting up a business, the most immediate concern to new entrepreneurs is profitability, with taxation somewhat near the bottom of the priorities list. Financial and tax advisors recommend incorporating taxation issues into start-up thinking, especially into […]
ATO Tax return checks
The ATO has a responsibility to government and the community to make sure that everyone pays the correct amount of tax under the law. The ATO undertakes a range of integrity checks both before and after they issue refunds or payments. In some cases, the ATO may contact you to verify some details before we […]