DPN Review: A Wake-Up Call for Business Owners on Personal Tax Risks Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes.…
Holiday Homes Under the Microscope: What the ATO’s New Guidance Means for You For many Australians, a holiday home does double duty. It’s a place to escape with family and friends, and during the rest of the year it’s listed on Airbnb or Stayz to help cover the costs. Until recently, many owners assumed they…
Super on Payday: Fundamental Changes for Employers If you run a business, you already know the juggling act that comes with managing the payroll process — paying staff on time, managing cash flow, and staying compliant. From 1 July 2026, there’s a major change coming that will reshape how you handle superannuation contributions for staff.…
FBT 2025: What you need to know The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should normally be the…
Why the ATO is targeting babyboomer wealth “Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy…
Can you avoid giving the Australian Tax Office a gift this Christmas? The top Christmas party questions What can I do to make the staff Christmas party tax deductible or tax-free? Not have one? Ok, seriously, it’s likely that you will pay tax one way or another; it’s just a question of how. If you…
What makes or breaks Christmas? The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility. The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull.…
Payday super: the details ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead…
It wasn’t me: the tax fraud scam You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is…
The instant asset write-off The instant asset write-off threshold increased from $1,000 to $20,000 for 2023-24. Here’s what it means: The increase to the instant asset write-off threshold provides a major cashflow advantage by enabling small businesses to claim an immediate tax deduction for certain assets in the year of purchase, instead of spreading…
The essential 30 June guide The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses…
Contents The Price is Right: Budget 2024-25. 3 The team.. 4 Individuals & families. 5 Personal income tax cuts confirmed. 5 Medicare levy low-income thresholds increase. 5 $300 energy relief for households. 5 Capping indexation of HELP debts. 6 Superannuation on paid parental leave. 6 Increasing commonwealth rent assistance. 7 Improving aged care support.…
Company money crackdown The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.…
Warning on SMSF asset valuations The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you…
The Fringe Benefit Tax traps The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax…
Stage 3 personal income tax cuts redesigned The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on…
The controversial case of the taxpayer who claimed a loss on their home A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return…
Workers owed $3.6bn in super guarantee Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change. Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion,…
$20k deduction for ‘electrifying’ your business Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour…
The Billion Dollar TikTok Scandal $1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control? “Everyone else got refunds, it’s OK, it’s just a temporary loan [from the ATO].” TikTok social influencer …
Why is my tax refund so small? The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on…
The 120% technology and skills ‘boost’ deduction The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on…
How Does Tax Apply to Electric Cars? Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as…
What’s the Deal with Working from Home? The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to…
How good is ChatGPT at tax? Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to work…
Avoiding the FBT Christmas Grinch! It’s that time of year again – what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season: Tax & Christmas For GST registered businesses (not tax…
Can you prevent a hack? In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So, what does that…
To cut or not to cut? Stage three personal tax cuts In September, amid a climate of startling interest rates, UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate that applies to those earning more than £150,000 from 45% to 40%. Just ten days…
Register your .au domain! 23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain. The .au domain is the new, general purpose, shorter Australian domain name option. If you do not register the direct match of your existing domain for the direct .au domain, you risk your brand…
Scams ACCC warning of suspicious messages as ‘Hi Mum’ scams spike Scamwatch is urging the public to be wary of phone messages from a family member of friend claiming they need help, following a significant rise in ‘Hi Mum’ scams in recent months. More than 1,150 Australians fell victim to the so – called ‘Hi…
It’s Not Easy Being Green Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact. The Government’s Climate Change Bill passed the House of Representatives in early August and is…
Tax Time Targets The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets,…
The 120% deduction for skills training and technology costs It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend…
‘Don’t Rock The Boat’ Budget 2022-23 This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget night A $420 cost of living tax offset for low and…
The ATO’s Attack on Trusts and Trust Distributions Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at…
NSW Business Support The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022. Releasing the package,…
Merry Christmas If someone asked you what your ideal day is, what would you answer? This year was a year where many of us have taken stock of what is important, refined our goals, and focussed on closing the gap between our ideal and our reality. We’ll look forward to working with…
How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being…
The NSW Government has committed to provide a Summer Holiday Stock Guarantee for Small and Medium Enterprises (SMEs) and will expand the Small Business Fees and Charges Rebate for all eligible small businesses. Small and medium business owners will be able to open with confidence thanks to a suite of support measures from the NSW…
COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures.…
If your business currently receives payments under the NSW JobSaver or Micro-business Grant schemes, you will now need to reconfirm your eligibility each fortnight to continue receiving payments. What needs to be confirmed? Each fortnight, your business will need to reconfirm that it: Continues to experience a decline in turnover of 30% or…
Support is available to your business if you are impacted by the Victorian lockdowns. A series of grants and top-up grants are available to support Victorian business. There are two main streams for grants in Victoria: New grants – Grants or grant extensions for businesses that previously did not qualify or did not…
Support is available to your business if you are impacted by the Adelaide lockdowns. If your business is impacted by the July 2021 lockdowns in South Australia, a business support grant is available for those that experienced a decline in turnover. An additional grant is available to businesses operating from commercial premises in the…
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are three types of payments accessible to individuals who have lost work because of the pandemic: the COVID-19 Disaster Payment; ‘Top up’ payments for those on income support; and the Pandemic Leave Disaster Payment.…
Support is available to your business is impacted by the COVID-19 lockdowns across Australia. If your business is impacted by the lockdowns across Australia, there is support available to you through the Business Hardship grant. Business Hardship grants Grants of between $2,000 and $10,000 will be available to businesses that have suffered a 30%…
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment. How to apply for support You can apply for the COVID-19 Disaster Payment or the top-up income support payment…
The NSW and Federal Governments have released a series of measures to support business during extended lockdowns of four weeks or more. Up to $100,000 in weekly JobSaver cashflow support payments Up to $15,000 through the expanded NSW 2021 COVID-19 business grants program NSW micro-business grants NSW payroll tax deferrals and a 25% payroll…
What lockdown support is available for individuals? If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment. How to apply for support You can apply for the COVID-19…
What lockdown support is available to business? If your business has been adversely impacted by the recent lockdown in NSW, support is coming. The NSW and Federal Governments have announced a series of new measures to support business during extended lockdowns of four weeks or more: Up to $15,000 through the expanded 2021…
NEWSLETTER | June 2021 Contents Work from Home Expenses Under Scrutiny & Perils of Browsing Facebook Am I Taxed On An Insurance Payout? What Changes on 1 July 2021?
BUDGET 2021-22 | The Balancing Act Budget Contents For You & Your Family Your Superannuation Business & Employers Education, Skills & Training Government & Regulators Others The Economy
NEWSLETTER | May 2021 Contents The New Lifetime Directors IDs The Top 8 Reasons Why Staff Leave Tax Exemption for ‘Granny Flat’ Arrangements Your SMSF: when expenses and investments are not at arms length
A $1,500 rebate scheme for small business in NSW is now available to help cover the cost of NSW and local government fees and charges. The rebate aims to help businesses recover from the impacts of COVID-19. The reference sheet, accessed by the link below explains how you go about registering and what costs…
NEWSLETTER | April 2021 Contents The 1 July 2021 Superannuation Changes Tax Treatment of JobKeeper Payments Handed Back to ATO Professional Services Firm Profits Under Fire National License Recognition for Tradies JobMaker Fails to Boost Employment
NEWSLETTER | March 2021 Contents Why Are Some Businesses Returning JobKeeper? COVID-19 Vaccinations and the workplace FBT 2021: Tax & Employee Benefits The Pandemic Productivity Gap
The JobMaker Hiring Credit Contents What is JobMaker JobMaker Eligibility How to register for JobMaker Calculating your JobMaker claim
NEWSLETTER | December 2020 Contents Merry Christmas Extended December JobKeeper Deadlines Last chance to access COVID-19 early access to super 2021 Risks & Opportunities
NEWSLETTER | November 2020 Contents JobMaker Hiring Credits: What We Know So Far Tax Deductions for investing in your business Refunds for Tax Losses Tax Table Reminder Jobkeeper clawback begins APRA reveals $$34.4bn super early release
First the drought, then the black summer bush fires and lastly, the ongoing COVID-19 pandemic could not stop the region’s most competitive viticulturists from entering in the highly anticipated Hunter Valley Wine Show. For lovers of fine wine the chance to taste hundreds of different wines would be manna from heaven. But for judges at…
NEWSLETTER | October 2020 Contents JobKeeper: The Next Steps Preventing a Tsunami of Insolvencies
Inside JobKeeper from 28 September 2020. 3 Eligible businesses. 4 Eligible employers. 4 Business owners. 5 What about the directors who work in the business?. 5 The decline in turnover test. 6 Calculating GST turnover. 6 What if you don’t have a comparison period or there was a one-off event?. 7 Not for profits.…
NEWSLETTER | September 2020 Contents Covid-19 devalued your business JobKeeper Alert Question of the Month Forecasting during a pandemic
NEWSLETTER | August 2020 Contents What Now? Where To Get Help If You Need It Your Questions Answered COVID-19 And Your SMSF
NEWSLETTER | July 2020 Contents The ATO On COVID-19 Fraud Warpath JobKeeper And Termination Payments (Breakout Box) Funding For The Arts: What’s Available And How Can You Get It Minimum Wage Increase by 1.75% Increased Flexibility For Parental Leave Pay For Self-Employed
Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
