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 […]
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 […]