Latest News
Beware websites sharing fake news on super preservation age
The ATO is warning the community about a “proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.” ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when an individual can access their superannuation savings on retirement) is 60 for anyone […]
$20,000 instant asset write-off for 2024/25
Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year. If a taxpayer’s business has an aggregated annual turnover of less than $10 million and they use the simplified depreciation rules, they may be able to use […]
Partial release from tax debt on serious hardship grounds
In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer should be released from payment of part of his tax debt on the grounds of serious hardship. As at the 2022 income year, the taxpayer had an accumulated tax debt of approximately $528,000, comprising income tax, late lodgment penalties, PAYG instalments, and […]
Taxi service and ride-sourcing providers must be registered
Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover. They must collect and pay GST and income tax on all their rides and all other business income. The ATO is advising drivers in this industry who do not have a TFN, ABN or GST registration that they need […]
Getting ready for business
The ATO advises new business owners that they need to understand their obligations to ensure they are “getting it right from the start.” These are the ‘top 7 things’ taxpayers need to know when starting a business. They should use digital tools and maintain accurate records to help them manage daily activities and cash flow. […]
‘Wild’ tax deduction attempts
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal in […]
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 […]