Personal Tax Return Tips

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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ATO Watching for Foreign Income This Tax Time

By Warren Kruger / September 18, 2019 / 0 Comments

  | | | The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations. “This year, the ATO has […]

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“Outrageous” Deductions Rejected

By Warren Kruger / September 7, 2019 / 0 Comments

  | | | The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, […]

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ATO Data Matching Program: HELP, VSL And/Or TSL Debts

By Warren Kruger / August 19, 2019 / 0 Comments

| | | The ATO is conducting a data matching program for the 2019/20, 2020/21 and 2021/22 financial years to identify individuals with an existing Higher Education Loan Program (‘HELP’), Vocational Education and Training Student Loan (‘VSL’) and/ or Trade Support Loans (‘TSL’) debt who may not be meeting their registration, lodgment and/or payment obligations. […]

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Private Health Insurance Statements Now Optional

By Warren Kruger / August 9, 2019 / 0 Comments

  | | | Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their return (but they will need to contact their health insurer if […]

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