Latest News
ATO advice for SMSFs thinking about investing in crypto assets
The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto assets. However, the ATO notes that some of these […]
Director ID deadline is approaching
The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever. Director IDs are administered by the Australian Business Registry Services (‘ABRS’), which […]
Banking business income to a private account
The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and […]
Varying PAYG instalments
Varying PAYG instalments The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the amount they pay now will be more or less than their expected tax liability for the year, by lodging a variation through myGov or Online services for business. Instalments for those who […]
Valuing fund assets for an SMSF’s annual return
Editor: The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the assets annually. One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied […]
‘Talking tax’ with new workers
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has a myGov account linked to the […]
Work-related expense claims rejected by Administrative Review Tribunal (‘ART’)
The Administrative Review Tribunal (‘ART’) recently disallowed a taxpayer’s claims for many different types of work-related expenses. The taxpayer was employed full-time as an engineer, working from home two days a week. For the 2023 income year, he claimed deductions totalling over $61,000, in relation to (among other things) car expenses, travel expenses, clothing expenses, […]
Check GST credit claims before lodging BASs
Taxpayers who are registered for GST can get GST credit claims (or ‘input tax credits’) for the GST included in the price of goods and services they buy for their business. However, if they buy something for both business and private use, they need to apportion their GST credit to only claim the business use. […]
Government payments programs
The ATO is reminding taxpayers that receive government payments for delivering services under a Commonwealth program, such as healthcare, disability support or child care, that they have an obligation to: keep accurate records; and report any such income they receive in their tax return. The ATO recently advised that it would be contacting taxpayers and […]
Contractors omitting income
Through data matching, the ATO is seeing some contractors incorrectly reporting or contractors omitting income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work. Note that, as part of the taxable payments reporting system (‘TPRS’), certain businesses must lodge a ‘Taxable payments annual report’ […]
Businesses using cash to dodge obligations
The ATO is ‘cracking down’ on businesses that use cash to dodge obligations on their tax, employer and business. Businesses that do this may: – fail to report all sales transactions and fail to issue receipts; – avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; – report their income […]
$20,000 instant asset write-off extended
Editor: The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able touse the instant asset write-off (‘IAWO’) to immediately deduct the business […]