Tax
Tax Alert: ATO to target small business black economy
22 April
Cracking down on the 'black economy' will be a major focus for the ATO in the new financial year as it tries to reduce the $10 billion small business income tax gap. ATO Deputy Commissioner of Small Business, Deborah Jenkins, has noted that the...[Read More]
Tax Alert: ATO continuing to focus on the cash economy
8 April
This month ATO Assistant Commissioner Peter Holt announced that the 2019/20 financial year will see a continued focus by the ATO on the cash economy. Mr Holt noted, “Businesses that pay cash in hand, or fail to lodge income tax or business...[Read More]
Tax Alert: Division 293 Assessments
25 February
The ATO is issuing Division 293 assessments for liabilities arising in the 2018 income year, requiring additional tax to be paid by affected individuals. Division 293 imposes an additional 15% tax on certain concessional superannuation...[Read More]
Tax Alert: ATO to send text messages
15 January
In the wake of increased tax fraud attempts, the ATO is advising that it may be sending SMS text messages directly to taxpayers. You may receive a text message if incorrect bank account details have been included in your tax return and you are...[Read More]
5 most common tax time mistakes
25 September
With Tax Time 2018 upon us, the ATO has prepared a guide of the five most common mistakes they see, as follows: leaving out some of income, such as forgetting a temporary or cash job, capital gains on cryptocurrency, or money earned from the...[Read More]
What the super housing measures mean for SMSFs
14 July
If you are a member of a self-managed super fund (SMSF), don't forget that starting 1 July 2018 there are new housing measures you may be able to take advantage of. Here are the details in a nutshell: The First Home Super Saver...[Read More]
Smart Strategies for EOFY 2017/2018: Superannuation
26 June
With 30 June fast approaching, we've put together five smart strategies that may benefit you now and help boost your super. Why is boosting your superannuation savings a good idea? There are tax and other benefits to...[Read More]
Smart Strategies for EOFY 2017/18: Small Businesses
23 June
Many business owners 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 planning for small businesses is based...[Read More]
Smart Strategies for EOFY 2017/18: Prepay Expenses
22 June
As you plan for the end of financial year, a good strategy to reduce the amount of tax payable is to accelerate any income tax deductions into the current year. In general terms, this means prepaying expenses in this financial year so you can claim...[Read More]
2018/19 Tax Update: GST withholding measures have now passed into law
29 May
From 1 July 2018, purchasers of new residential premises and new residential subdivisions will be subject to recently passed legislation intended to 'clamp down' on GST evasion in the property development sector. These new obligations are primarily...[Read More]
2017/18 Tax Update: ATO focus on holiday home deductions
22 May
In March, we emailed you a link to the ATO's announcement about holiday home owners. Further to this update, the ATO has recently confirmed that, while the private use of holiday homes by friends and family is entirely legitimate, such use...[Read More]
2017/18 Tax Update: Employee denied deductions for work-related expense claims
15 May
Further to our earlier update advising the ATO would be increasing its scrutiny on work related expenses, the Administrative Appeals Tribunal has recently denied a taxpayer's deduction for work-related expenses. The taxpayer was a...[Read More]
2017/2018 Update: New Housing Measures – clarification on ‘Downsizer Contributions’
30 April
Further to our recent post on the new housing measures coming into effect from 1 July 2018, further clarification has now been provided on what 'downsizer contributions' are. As you know, the new housing measures permit individuals aged 65 or...[Read More]
2017/18 Tax Update: ATO announces its focus areas
23 April
The Commissioner of Taxation has recently highlighted the areas the Australian Taxation Office has and will be focusing on. These include: undeclared income; unexplained wealth or lifestyle; incorrectly claimed private expenses; unpaid...[Read More]
The Cash Economy: Reminder from the ATO
18 October
The ATO is reminding taxpayers that it uses a range of tools to identify and take action against people and businesses that may not be correctly meeting their obligations. Through 'data matching', it can identify businesses that do not have...[Read More]