Latest News
Taxpayer’s claim for travel expenses denied
In a recent decision, the Administrative Review Tribunal (‘ART’) denied an offshore worker’s claim for work-related travel expenses, although it did allow his claim for home office expenses. During the relevant period, the taxpayer resided in Queensland with his family, while his employment as an engineer was primarily based at an offshore facility located off […]
Changes to tax return amendment period for business
Businesses with an annual aggregated turnover of less than $50 million now have up to four years from the date of their tax return assessment to request amendments (increased from two years). This applies to assessments for the 2024/25 and later income years. If businesses make a mistake on a tax return amendment, they should […]
Taxpayers who need to lodge a TPAR
Taxpayers may need to lodge a Taxable payments annual report (‘TPAR’) online by 28 August if they have paid contractors to provide any of the following services on their behalf: building and construction; cleaning; courier and road freight; information technology; or security, investigation or surveillance. If the ATO is expecting a TPAR from a taxpayer […]
ATO warns of common Division 7A errors
The ATO reminds shareholders of private companies that understanding how Division 7A of the tax legislation applies is crucial to avoiding costly tax consequences when accessing the company’s money or other benefits. When Division 7A applies, the recipient of a payment, loan or other benefit can be deemed to have been paid an unfranked dividend […]
ASIC warning about pushy sales tactics urging quick super switches
ASIC is warning Australians to be on ‘red alert’ for high-pressure sales tactics, click bait advertising and promises of unrealistic returns which encourage people to switch superannuation into risky investments. The warning comes amid increasing concerns from ASIC that people are being enticed to invest their retirement savings in complex and risky schemes. ASIC Deputy […]
Paid parental leave changes have now commenced
As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be paid on Government Paid Parental Leave from […]
Fitness Industry – Claiming Work-Related Expenses
This summary outlines some of the deductions a fitness professional can and cannot claim as an employee in the fitness and sporting industry. Car expenses A fitness professional cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours, for example, shift work or overtime you […]
Travel Allowances and the Proper Use of the Exception to Substantiate Claims
Travel allowances are a payment or payments made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming other deductions, you will be expected to be able to substantiate the expense being claimed with […]
Tips to getting started on the investment property ladder
Tip 1 – Start by paying off any high interest consumer debts (credit cards, car loans etc). There would be no point earning 5%+ pa on an investment if you are paying15%+ on credit card debt. Set up automatic deductions from your salary to accelerate repayments. Tip 2 – Continue the salary deductions after your […]
Look Before You Leap: The Small Business CGT Concessions
The CGT relief concessions available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. It’s never too early to consider an escape plan, so when […]
Are those investment returns on revenue or capital account?
Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not always clear and the characterisation of a receipt will ultimately depend on the circumstances that apply to the taxpayer. The distinction between an income and capital receipt […]
Do you need to lodge your tax return early?
If you are planning to permanently leave Australia before the end of the financial year, you may be able to have your tax return lodged early. Generally, the ATO only accepts early lodgment of individual returns in certain perscribed circumstances. If you are a resident of Australia for tax purposes, returns lodged before the end of […]