Latest News
Taxpayer’s claim for home office and car expenses successful
The Administrative Review Tribunal (‘ART’) recently held that a taxpayer was entitled to claim deductions for home office and car expenses incurred during the COVID-19 pandemic. The taxpayer was employed full time by the ABC producing the ABC Sport Digital Radio station (‘Digital Role’) and producing ABC live sports broadcasts, mainly NRL football (‘Live Role’). […]
Beware of tax advice from ‘finfluencers’
The Tax Practitioners Board (‘TPB’) warns that the number of ‘finfluencers’ is on the rise. These are influencers who offer financial advice, including tax advice, on various social media platforms such as Instagram and TikTok. Unfortunately, they do not always have the necessary qualifications to give out this advice or provide all the information taxpayers […]
TBAR for June quarter due 28 July
All SMSFs must report relevant transfer balance account (‘TBA’) events using transfer balance account reporting (‘TBAR’). All events must be reported regardless of the member’s total superannuation balance. Editor: TBA events include starting or commuting a retirement phase pension. TBARs for the June quarter are due by 28 July 2025. If no TBA event occurred […]
Notice of data exchange for skilled visa program compliance
The Department of Home Affairs will obtain data from the ATO to identify whether business sponsors are complying with their sponsorship obligations (e.g., paying visa holders correctly) and whether temporary skilled visa holders are complying with their visa conditions (e.g., to work only for an approved employer). The Department will provide to the ATO biographical […]
Taking Charge of Upcoming Employer Obligations
As the end of the financial year has just past, the ATO is reminding employers that they should check what they need to do and take note of the following upcoming key dates. Pay as you go (‘PAYG’) withholding — From 1 July 2025, some withholding schedules and tax tables will be updated (but not […]
Reminder of June 2025 Quarter Superannuation Guarantee (‘SG’)
Employers are reminded that employee super contributions for the quarter ending 30 June 2025 must be received by the relevant super funds by Monday, 28 July 2025. 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 […]
What is a Tax Loss and How Can it be Turned to Good Use?
You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future […]
FBT And Cars: A Perennial Head-Scratcher
The provision of cars by employers to employees remains an issue that continues to create confusion for some business taxpayers. A not-uncommon situation is where the employer fails to identify that a car fringe benefit has been provided. This is typically found in family companies or trusts where a car bought by the business is […]
Recent Changes to the Assets Test For Pensioners
From January 1, 2017, the assets test free area and taper rate for pensions increased. The assets test works by reducing a person’s age pension payment for every dollar of assets owned over a certain value. The test takes into account most assets, including any property (except your primary home) or possessions owned, or partly owned, in […]
Controversial super change scrapped: but other proposals need to be watched.
At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. These proposed changes are still in exposure draft form and may be subject to further tweaking. The government also […]
HELP Debt Changes
The Australian Government has introduced changes which mean if you have moved overseas and have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt, you now have the same repayment obligations as those who live in Australia. This applies if you already live or intend to move overseas for a total of […]
Planning To Retire
When you’re planning to retire you need to understand how any lump sum payments you receive from your employer might be taxed and, if you’re part of an Employee Share Scheme, consider whether the ‘good leaver’ conditions apply to you. Alternatively, if you’re selling your business, you’ll want to know whether or not the retirement […]