Miscellaneous

Quarterly TBAR lodgment reminder

Quarterly TBAR lodgment reminder

By Warren Kruger / April 9, 2025 / Comments Off on Quarterly TBAR lodgment reminder

SMSFs must report certain events that affect a member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). These events must be reported even if the member’s total superannuation balance is less than $1 million. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the March quarter are due […]

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plug-in hybrid exemption changes

FBT record keeping and plug-in hybrid exemption changes

By Warren Kruger / April 4, 2025 / Comments Off on FBT record keeping and plug-in hybrid exemption changes

With the 2025 fringe benefits tax (‘FBT’) year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations. Alternative record keeping changes For the 2025 and succeeding FBT years, employers can use existing records instead of travel diaries and declarations for some fringe benefits. If […]

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ATO's new focus for small business

ATO’s new focus for small business

By Warren Kruger / April 2, 2025 / Comments Off on ATO’s new focus for small business

The ATO is currently focusing on the following ‘specific risk areas’, where it is concerned “small businesses are getting it wrong”: Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small businesses with […]

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ATO's appeal against decision that UPEs are not "loans" fails

ATO’s appeal against decision that UPEs are not “loans” fails

By Warren Kruger / March 14, 2025 / Comments Off on ATO’s appeal against decision that UPEs are not “loans” fails

The Full Federal Court recently dismissed the ATO’s appeal against an AAT decision that unpaid present entitlements (‘UPEs’) owing by a trust to a corporate beneficiary were not “loans” for Division 7A purposes. A corporate beneficiary had become entitled to a share of the income of a trust for the 2013 to 2017 income years. […]

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Taxpayer's claim for input tax credits unsuccessful

Taxpayer’s claim for input tax credits unsuccessful

By Warren Kruger / March 12, 2025 / Comments Off on Taxpayer’s claim for input tax credits unsuccessful

In a recent decision, the Administrative Review Tribunal (‘ART’) rejected a taxpayer’s claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]

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ATO "busts" NFP myths

ATO “busts” NFP myths

By Warren Kruger / March 10, 2025 / Comments Off on ATO “busts” NFP myths

Editor: As the Not-for-profit (‘NFP’) self-review return is due in March, the ATO has recently published a document ‘busting’ various NFP ‘myths’. Myth 1: All NFPs are income tax exempt. ATO response: This is not true. Some NFPs are income tax exempt and some are taxable. Myth 2: There is only one way to lodge […]

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