Latest News
Beware websites sharing fake news on super preservation age
The ATO is warning the community about a “proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.” ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when an individual can access their superannuation savings on retirement) is 60 for anyone […]
$20,000 instant asset write-off for 2024/25
Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year. If a taxpayer’s business has an aggregated annual turnover of less than $10 million and they use the simplified depreciation rules, they may be able to use […]
Partial release from tax debt on serious hardship grounds
In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer should be released from payment of part of his tax debt on the grounds of serious hardship. As at the 2022 income year, the taxpayer had an accumulated tax debt of approximately $528,000, comprising income tax, late lodgment penalties, PAYG instalments, and […]
Taxi service and ride-sourcing providers must be registered
Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover. They must collect and pay GST and income tax on all their rides and all other business income. The ATO is advising drivers in this industry who do not have a TFN, ABN or GST registration that they need […]
Getting ready for business
The ATO advises new business owners that they need to understand their obligations to ensure they are “getting it right from the start.” These are the ‘top 7 things’ taxpayers need to know when starting a business. They should use digital tools and maintain accurate records to help them manage daily activities and cash flow. […]
‘Wild’ tax deduction attempts
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal in […]
Beware Of Scams
| | | Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most ‘popular’ type of investment scams, representing over 50% of losses. Often the initial investment amount is low (between […]
Sitting on the Fence?
Why people DO it Around 20% of Australians invest in property for: Potential capital growth Rental income Tax benefits. They tend to consider property one of the more solid, less volatile forms of investment because you can actually touch bricks and mortar. They like the feeling of getting ahead financially. They don’t want to be […]
JobMaker Hiring Credit Scheme: Claims Open From 1 February 2021
| | | The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first JobMaker period […]
Changes To STP Reporting from 1 July 2021
| | | Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption. From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers. […]
Additional ATO Support During COVID-19
| | | The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19. Available support includes the following: Lodgment or payment support options – for example, payment plans or remitting interest and penalties. Varying PAYG instalments – The ATO will not apply […]
Changes to STP Reporting Concessions From 1 July 2021
| | | Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021. The STP reporting changes that apply for these employers from […]