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FebTaxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions: How many days during the income year did they use […]
07
FebThe ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: 1. had an annual turnover under $10 million when[…]
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JanChanges to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will:
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Jan[4042] Ordinary meaning of the term ’employee’ [updated] We are reviewing several products that currently provide guidance on the meaning of the term ‘employee’ to reflect the direction provided in the High Court decision in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1:
20
DecWhen a gift or donation is deductible You can only claim a tax deduction for a gift or donation to an organisation that has the status of a deductible gift recipient (DGR). To claim a deduction, you must be the person that gives the gift or donation and it must meet the following 4 conditions: DGRs sometimes authorise a business[…]
01
Decaccountant melbourne A joint investigation between the Australian Border Force (‘ABF’) and the ATO spanning almost two and a half years has led to the disruption of serious criminal behaviour by four Chinese nationals within the NSW and ACT construction industries.A 55-year-old Chinese national this week received a criminal conviction and fine for her involvement in money[…]
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NovOver the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: 1. crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; 2. theft, where fraudsters would hack into trustees’ crypto accounts and steal all their[…]
23
AugWhen reimbursing employees, employers may be entitled to claim GST input tax credits for the expenses that are directly related to their business activities. A “reimbursement” is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular work-related purchase they make. Employers are not entitled to a GST input tax[…]
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JulThe Treasurer, Jim Chalmers, handed down his Federal Budget for the new financial year on Tuesday, 9 May 2023. Read on to about how to find out how this could affect your next tax return. Mr Chalmers walked away from the large, blanket tax cutting initiatives of the last Liberal government, such as Temporary Full Expensing (which[…]
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JulWe take the security of our own data as well as the data of our clients very seriously. Within our security protocols we have established a set of policies, processes and controls designed to produce predictable information security outcomes. We are working on taking data security and privacy to the next Efficiency. We are offering more and[…]
