Rental properties and second-hand depreciating assets The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties. In most cases, these are items that existed in [...]
More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free [...]
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers. The ATO [...]
ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to [...]
ATO rates and thresholds Division 7A – benchmark interest rate The Division 7A benchmark interest rate for the 2020 income year is 5.37% (up from the rate for the 2019 income year of 5.20%). Car cost limit for depreciation [...]
Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to [...]
Trustee obligations on the ATO's radar: TFN reports The ATO is currently reviewing adherence to certain trustee obligations, including the lodgment of Tax File Number ('TFN') reports for TFN withholding for closely held trusts. Beneficiaries are required to quote their [...]
‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments [...]
2018/19 Year-end Checklist for Business Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax [...]
2018/19 Individual Tax Return Checklist Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in [...]