ATO’s Tax Time 2023: Rental Deductions, Work Expenses & CGT
With the end of the financial year looming, the ATO has announced its three key focus areas for Tax Time 2023 – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, we inform readers of the type of records […]
PPG 2023-24 Budget Wrap
The 2023 Federal Budget was handed down last night. In this special edition of your Client Newsletter, we have summarised some of the main measures that may impact both your business and individual clients, including: The end of temporary full expensing Small business energy initiative Crackdown on unpaid tax and superannuation No change to stage 3 […]
May 2023 Newsletter
Do you operate your business via a family trust? If so, there is good news on the tax distribution front. The ATO, via a decision impact statement, has now conceded that it will have to amend its position on trust distributions. In the Guardian appeal, the Full Federal Court rejected the ATO’s position reimbursement agreements […]
April 2023 Newsletter
Not many people know that there is more than $16 billion in lost and unclaimed superannuation across Australia. This is an increase of $2.1 billion since the previous financial year. Lost super is superannuation money held by superannuation funds that people have lost touch with. You become a “lost member” and your superannuation becomes “lost” […]
March 2023 Newsletter
The ATO has finalised its new compliance guidance around the requirements for work-from-home deductions. The fixed rate method has now been revised. The revised method increases the claim from 52 cents to 67 cents per-hour. However, this rate now includes internet, phone, stationery and computer consumables. The record-keeping requirements under the revised fix rate method […]
February 2023 Newsletter
The ATO has released its final guidance material on trust distributions which may particularly impact those who operate a family trust. To recap, in February 2022 the ATO updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, potentially the […]
December 2022 Newsletter
Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year, also to customers, contractors, and suppliers. However, depending on the nature and value of the gift, and also who the gift recipient is, such magnanimity can attract unwanted income tax, fringe benefits tax […]
November 2022 Newsletter
Are you across the 25 October federal Budget and how it may impact you, your business and your superannuation affairs? In this special edition, we canvass the important measures contained in the first federal Labor budget in almost a decade. On the taxation front, the adoption of the Stage 3 tax cuts, the scrapping of […]
October 2022 Newsletter
Have you applied for your director identification number? Time is running out to meet the 30 November 2022 deadline which applies to most directors. All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director ID. A director […]