Future of superannuation

Posted on

The Federal Government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, recently outlined two main areas the government will be focusing on. This includes legislating an objective for super (earmarking it specifically for use in retirement), which will […]

Read More

Tax implications of deferred rent for businesses

Posted on

As inflationary pressures start to bite, many businesses may be seeking rental deferrals or variations from their landlords to help them through this tough period. However, if your business has been lucky enough to receive a waiver, deferral or variation of rent you need to be aware that there may be income tax, GST and […]

Read More

FBT car parking benefits: new draft ruling

Posted on

Businesses that provide FBT car parking benefits should be aware that the ATO has recently released an updated consolidated draft taxation ruling that incorporates proposed changes to FBT car parking benefits. Broadly, the ATO is saying that for FBT purposes from 1 April 2022, it will consider the “primary place of employment” as a broad […]

Read More

ABN registration: draft legislation to enforce lodgement and notification compliance

Posted on

Treasury has released draft legislation which proposes two new grounds under which the Registrar of the Australian Business Register may cancel an Australian Business Number (ABN). The government had earlier announced its intention to “strengthen” the ABN system by imposing new compliance obligations for ABN holders to retain their ABN. Currently, ABN holders are able […]

Read More

NSW first home buyers: choice of tax

Posted on

In a bid to encourage home ownership in NSW, the state government has introduced the First Home Buyer Choice scheme, which allows eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty. Eligible first home buyers of residential properties valued at up to $1.5 million or vacant land of […]

Read More

Looming changes for the “buy now, pay later” market

Posted on

In a bid to protect consumers, the Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” (BNPL) market. Currently the BNPL space is unregulated in Australia and thus not subject to responsible lending standards, despite involving financial products that offer credit. The Reserve Bank of Australia […]

Read More

ATO guidance update: debt relief and waivers

Posted on

Tax-related debts are sometimes ignored by those of us struggling with inflationary pressures and sky-high energy prices. However, this may not be the wisest course of action, since these disregarded debts are likely to continue to accumulate general interest charges. Generally, the ATO won’t pursue a debt if it’s satisfied that the debt is uneconomic […]

Read More

Tax Time 2022: businesses get ready

Posted on

As the end of another tax year approaches, the ATO is reminding businesses that it’s time to: see if there are tax-deductible items your business needs before 30 June; check if there are any concessions your business can access before 30 June; think about your recordkeeping habits this past year – should anything be done […]

Read More

ATO’s COVID-related support for SMSFs

Posted on

Because of the financial impacts of COVID-19, trustees of a self managed superannuation fund (SMSF), or a related party of the fund, may provide or accept certain types of relief, which may give rise to contraventions of the super laws. Some trustees may also have been stranded overseas because of travel bans, which can affect […]

Read More