03
MayNFPs need to get ready for new return From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) (sporting, community and cultural clubs, among other organizations) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. Non-charitable NFPs that have an active […]
03
MayGovernment warns of ‘malicious’ MyGov scammers The Government says the ATO or MyGov will never send an email or text message with a link to sign in to MyGov. The ATO has received a large number of reports of scammers using fake MyGov sites to steal MyGov sign-in details, which can be used to commit tax and[…]
18
MarFind out how your small business compares to others in your industry. We’ve updated our small business benchmarks for 2021–22. The benchmarks help you compare your business turnover and expenses to other small businesses in the same industry. For example, Deb runs a pizza shop as a sole trader. She’d like to track her business against other pizza shop[…]
12
MarLoans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to $18,780. They[…]
14
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[…]
31
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:
11
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[…]
23
AugNow is the time for taxpayers to check if their business needs to lodge a Taxable payments annual report (“TPAR”) for payments made to contractors, the ATO reminds. This applies to contractors providing the following services: (a) building and construction; (b) cleaning; (c) courier and road freight; (d) information technology; and (e) security, investigation or surveillance. TPARs[…]
