Miscellaneous

Superannuation Guarantee

Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’)

By SEO Jessa / December 19, 2023 / 0 Comments

Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024. 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 interest component. The […]

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Claiming deductions in relation to a holiday home

Claiming deductions in relation to a holiday home

By Warren Kruger / December 19, 2023 / 0 Comments

Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions: How many days during the income year did […]

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Investment Boost

Don’t forget the two further ‘boosts’!

By Warren Kruger / December 15, 2023 / 0 Comments

Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until 30 June 2023), it is important to remember that there are two further ‘boosts’ providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024. The Skills and […]

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ATO warning regarding prohibited SMSF loans

ATO warning regarding prohibited SMSF loans

By Warren Kruger / December 12, 2023 / 0 Comments

Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to […]

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Notice of officeholder data-matching program

Notice of officeholder data-matching program

By Warren Kruger / December 8, 2023 / 0 Comments

The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: their name, address and date of birth; email address and contact phone number; organisation class, type and status, and state of […]

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ATO's lodgment penalty amnesty is about to end

ATO’s lodgment penalty amnesty is about to end

By Warren Kruger / December 5, 2023 / 0 Comments

The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: had an annual turnover under $10 million […]

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