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 […]
Capital Gains Tax
A capital gain or capital loss on an asset is the difference between what it cost you and what you receive when you dispose of it. You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax – though it’s referred to as capital gains […]
Borrowed money to pay a business tax debt? Is the interest deductible?
It’s a question that the ATO has been asked very infrequently, but after the third such request, it decided to issue a ruling – which still stands. It was about 1990 when the ATO was asked about the tax-deductibility of interest on a loan business may have taken out to repay a tax debt. It […]
Fringe Benefits Tax (FBT)
Fringe benefits tax (FBT) is tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. If you are a director of a company or trust, the benefits you receive may be subject […]
Hiring Employees and What You Need to Know
You may have tax and superannuation obligations if you employ or contract workers into your business, either full-time or part-time. This includes your family members and you if you are a director. Your obligations may include: Pay as you go (PAYG) withholding Superannuation guarantee Fringe benefits tax (FBT) You have responsibilities from the day your […]
Division 293 Tax
What is Division 293 tax? Division 293 tax is being introduced from the 2012-13 year to reduce the tax concession on superannuation contributions for individuals with income greater than $300,000 a year. Division 293 tax will be charged at 15% of an individual’s taxable concessional contributions above the $300,000 threshold (which is capped at $30,000). […]
Medicare levy surcharge, thresholds and rates
Different Medicare levy surcharge thresholds and rates apply to individuals and families. We use a special definition of income (called income for MLS purposes) to determine whether you are liable to pay the Medicare levy surcharge and the rate you will have to pay. What is included in income for MLS purposes? If you have […]