Latest News
When a hobby becomes a business
Taxpayers may not think they are running a business from their hobby or ‘side hustle’ activities. However, if they start to earn money from doing these activities regularly, they may be carrying on a business without realising it. Generally, carrying on a business involves ongoing and repeated activities with the intention of making a profit. […]
Know when a new logbook is required
Editor: Keeping a car logbook may be required to accurately calculate the business-use percentage of vehicle expenses (e.g., fuel, registration, insurance and depreciation) for tax deductions. Taxpayers can keep the same logbook for their car for five years, but there are circumstances where they may need a new one during that period. Relying on a […]
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’ […]
Paid parental leave changes have now commenced
As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be paid on Government Paid Parental Leave from […]
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 […]