24

Jan

Claim your super: Online, Paper applications and Authorising someone to claim on your behalf

You can apply for a DASP via either: Before submitting your DASP application, check with your employer to confirm they have paid all the super they are required to. Online applications You can use the DASP online application system free of charge The DASP online system will automatically confirm your immigration status online with the Department of Home Affairs […]

10

Jan

Foreign Residents and Capital Gains Tax on Australian Property: What You Need to Know

If you’re a foreign resident disposing of taxable Australian property (TAP), it’s essential to understand your tax obligations under Australian tax law. The Australian Taxation Office (ATO) closely monitors these transactions, and failure to meet your requirements can lead to scrutiny and potential penalties. Here’s what you need to know: What is Capital Gain Tax Capital Gains[…]

10

Dec

Withdrawal and contribution due to divorce not considered ‘special circumstances’ regarding excess super contributions

In a recent decision, the AAT rejected a taxpayer’s claim that there were ‘special circumstances’, that warranted an excess contributions determination to disregard or re-allocate an excess contribution. Facts In October 2018 the taxpayer separated from his wife. As at 30 June 2019, the taxpayer’s total superannuation balance was recorded at just over $1,820,000, held in separate[…]

10

Dec

PS LA 2005/20 UPDATED — Signature requirements for approved virtual forms, lodged electronically or given by phone

PS LA 2005/20 provides guidance on signature requirements for making declarations in approved virtual forms lodged electronically or by phone and the approval process for electronic or telephone signatures. This Practice Statement recently had its content checked for currency and technical accuracy, and was updated to apply current ATO style and accessibility requirements. An approved form that[…]

10

Dec

Draft guidelines for community charities operating as DGRs

Treasury recently released draft guidelines setting out the proposed rules which community charities must follow to receive and maintain deductible gift recipient (‘DGR’) endorsement. The draft guidelines state that a community charity must be established, maintained and wound up in accordance with each of the following principles: Community charities are also required to follow various other requirements[…]

10

Dec

ATO’s tips for small businesses to ‘get it right’

While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. ATO Deputy Commissioner, Will Day, advises: “Establishing good habits, and knowing what support and resources are available, will give your small business its best chance of success.” The ATO advises taxpayers that it is important to get the following ‘basics’[…]

10

Dec

Taxpayer unsuccessful in his claim for various types of expenses

In a recent decision, the AAT rejected in full a taxpayer’s claims for “several classes or categories of deductions.” Facts For the relevant period of 1 July 2021 to 30 June 2022, the taxpayer was (according to his employer) a ‘technical architect’. However, the taxpayer also claimed that he worked from home 6am to 11pm seven days[…]

10

Dec

Draft legislation released regarding beneficial ownership disclosure

Draft legislation has been released to amend the Corporations Act 2001 to enhance the substantial holding and tracing notice regimes, which, amongst other things, govern the disclosure of beneficial ownership for listed entities. This is pursuant to the Government’s announcement as part of its 2022 election platform that it would implement a public registry of beneficial ownership[…]

10

Dec

Important changes to HELP and student loan repayments

The Government recently announced changes to repayments for the Higher Education Loan Program (‘HELP’) and other student loan schemes. It states that it is making the HELP and student loan repayment system ‘even fairer’ by changing the repayment system and increasing the amount people can earn before they are required to start repaying their loan. The minimum[…]