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 […]
Taxation of Foreign Income Derived by Australian Residents
Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]
Beware Division 7A When Borrowing From Your Business
Business owners of private companies often borrow money from their own companies for all sorts of reasons. However there is an area of the tax law that seeks to sanction against situations in which private companies dole out money to those within a business, in a form other than salary or dividends, that needs to […]
Retirement
Under new transition to retirement rules at the ATO, if you have reached your preservation age, you may now be able to reduce your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income stream’ from your superannuation. Previously, you could only access your superannuation […]
Is That a Travel Allowance or Living Away From Home Allowance?
Travel allowances are paid to employees where in some cases the period away from home is less than 21 days, and in others, more than 21 days. With travel allowances, typically employees are: paid standard travel allowance for accommodation and food work at the one location visit home on weekends stay in accommodation provided by […]
Tax and Christmas Party Planning
Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there’s no unforeseen tax problems. The three benefits typically provided include: Christmas parties for employees (and perhaps their family members, and even clients) gifts to employees, their family members and clients, and […]
Small Business Car Parking FBT Exemption
A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for […]