Personal Tax Return Tips

SMS Scam Targeting Natural Disaster Victims

By Warren Kruger / March 31, 2020 / 0 Comments

  | | | The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters. The scam text message says: “Due to natural disasters, Australians are entitled to an 8% bonus on their tax return. Please begin the process by […]

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Employer’s Requirements And The Deductibility Of WREs

By Warren Kruger / March 29, 2020 / 0 Comments

  | | | Some employees may wonder whether a work-related expense (or ‘WRE’) becomes deductible merely because their employer specifically requires the employee to incur the expense. Importantly, the ATO’s recent draft ruling on the deductibility of work-related expenses reiterates that an employer’s requirements do not determine the question of deductibility. Specifically, a number […]

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Lifestyle Assets Continue To Be An ATO Audit Target

By Warren Kruger / February 1, 2020 / 0 Comments

  | | | The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to […]

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ATO November 2019 Bushfire Assistance

By Warren Kruger / December 9, 2019 / 0 Comments

  | | | Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support. In particular, a specific helpline (1800 806 218) has been established that can be used by those impacted to seek assistance, such as to: obtain extra time to pay tax debt or […]

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Super Guarantee Opt-Out For High Income Earners Now Law

By Warren Kruger / November 2, 2019 / 0 Comments

  | | | From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG […]

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Federal Court Provides Clarification On The PSI Rules

By Warren Kruger / October 5, 2019 / 0 Comments

  | | | The Federal Court recently handed down two decisions relating to the personal services income (‘PSI’) rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise. The PSI rules are integrity provisions which ensure individuals cannot reduce […]

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