{"id":3917,"date":"2025-05-14T16:23:40","date_gmt":"2025-05-14T06:23:40","guid":{"rendered":"https:\/\/wiselinkaccountants.com.au\/?p=3917"},"modified":"2025-05-14T16:23:42","modified_gmt":"2025-05-14T06:23:42","slug":"tax-tips-and-updates-for-small-businesses-smsfs-home-worker-and-nfps","status":"publish","type":"post","link":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/tax-tips-and-updates-for-small-businesses-smsfs-home-worker-and-nfps\/","title":{"rendered":"Tax Tips and Updates for Small Businesses, SMSFs, Home Worker, and NFPs"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Managing Day-to-day Transactions<\/h2>\n\n\n\n<p>The ATO provides the following guidance to help small business owners manage their tax obligations more effectively:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monitor upcoming expenses and regularly update bookkeeping and account reconciliations.<\/li>\n\n\n\n<li>Set aside collected GST\u2014consider transferring it into a separate bank account to keep it apart from daily cash flow.<\/li>\n\n\n\n<li>Set aside PAYG withholding and superannuation obligations to ensure timely payment.<\/li>\n\n\n\n<li>Schedule regular time to prepare, lodge, and pay Business Activity Statements (BAS) by the due dates.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Minimum Pension Drawdown Reminder for SMSFs<\/h2>\n\n\n\n<p>Self-managed super funds (SMSFs) must pay a minimum annual pension amount to members receiving an account-based pension. This amount is determined by applying the relevant age-based percentage factor to the member\u2019s pension account balance as at 1 July 2024, or pro-rata for pensions commenced part-way through the 2025 financial year.<\/p>\n\n\n\n<p>Failure to meet the minimum payment requirement by 30 June may result in adverse tax consequences for the member.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Avoiding Common CGT Errors<\/h2>\n\n\n\n<p>Holding a Foreign Resident Capital Gains Withholding (FRCGW) clearance certificate does not exempt a taxpayer from capital gain tax (CGT) obligations. If a property has been sold, capital gains, losses, exemptions, or rollover codes must still be reported in the tax return.<\/p>\n\n\n\n<p>If any amount of FRCGW was withheld from the sale, the taxpayer should retain and refer to the payment confirmation from the purchaser.<\/p>\n\n\n\n<p>For properties that were used as a main residence for any period, full details of the occupancy should be documented to properly assess the application of the main residence exemption.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Not-for-Profit Record-Keeping Obligations<\/h2>\n\n\n\n<p>Not-for-profit (NFP) organisations are legally required to keep accurate and complete records of all transactions related to their tax and superannuation obligations.<br>These records must generally be kept in an accessible format (electronic or printed) for five years and include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Governing documents<\/li>\n\n\n\n<li>Financial reports<\/li>\n\n\n\n<li>Grant-related documentation<\/li>\n\n\n\n<li>Registrations and certificates<\/li>\n<\/ul>\n\n\n\n<p>Obligations endorsed as deductible gift recipients (DGRs), whether endorsed or named, must also retain records detailing all transactions relevant to their DGR status.<\/p>\n\n\n\n<p>Maintaining proper records supports effective management and ensures compliance with regulatory obligations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Update: Fixed Rate for Working from Home Increases<\/h2>\n\n\n\n<p>The ATO&#8217;s guideline (PCG 2023\/1) provides a fixed-rate method for calculating work-from-home running expenses, which has been updated to increase the rate from 67 cents to <strong>70 cents per hour<\/strong>, effective from 1 July 2024.<\/p>\n\n\n\n<p>This rate covers the following additional running costs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Electricity and gas (lighting, heating, cooling, and electronics)<\/li>\n\n\n\n<li>Internet<\/li>\n\n\n\n<li>Mobile and home phone usage<\/li>\n\n\n\n<li>Stationary and computer consumables<\/li>\n<\/ul>\n\n\n\n<p>This method does <strong>not <\/strong>include occupancy expenses such as rent, mortgage interest, property insurance, or land tax.<\/p>\n\n\n\n<p>Alternatively, taxpayers may opt to claim actual expenses incurred, provided they maintain adequate records to substantiate their claims.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tribunal Allows Truck Driver&#8217;s Meal Expense Claims<\/h2>\n\n\n\n<p>In a recent case, the Administrative Review Tribunal (ART) allowed a long-haul truck driver&#8217;s deduction claim for meal expenses of $32,782 for the 2021 income year, despite incomplete substantiation.<\/p>\n\n\n\n<p>The ATO had reduced the deduction to $5,890 based on available records. However, the ART found that the taxpayer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Incurred the expenses in earning assessable income<\/li>\n\n\n\n<li>Received a travel allowance covering the meals<\/li>\n\n\n\n<li>Claimed amounts within the reasonable limits set by Taxation Determination TD 2020\/5<\/li>\n<\/ul>\n\n\n\n<p>The tribunal ruled that the taxpayer met the burden of proof and that the exceptions to the substantiation rules applied, allowing the full claim.<\/p>\n\n\n\n<p>Ref: ATO website<\/p>\n\n\n\n<p><em>Please contact Wiselink Accountants if you require<\/em> further information<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Managing Day-to-day Transactions The ATO provides the following guidance to help small business owners manage their tax  [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61,121],"tags":[151,148,142,70,62,93,149,139,150],"class_list":["post-3917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-post","category-practice-update","tag-administrativereviewtribunal","tag-cgtobligations","tag-notforprofit","tag-small-business","tag-smsf","tag-tax-accountant","tag-taxdeduction","tag-taxtipsaustralia","tag-workfromhome"],"_links":{"self":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/comments?post=3917"}],"version-history":[{"count":1,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3917\/revisions"}],"predecessor-version":[{"id":3920,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3917\/revisions\/3920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media\/3918"}],"wp:attachment":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media?parent=3917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/categories?post=3917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/tags?post=3917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}