Taxation
With the new financial year underway, it’s understandable that many Australians want to lodge their tax return as soon as possible. Whether you’re hoping to receive a refund quickly or simply want to tick another task off your to-do list, lodging on 1 July isn’t always the best strategy. In fact, waiting a few weeks […]
As the new financial year begins, it’s common for Australians to review the performance of their superannuation funds. Unfortunately, this period also brings a rise in unsolicited calls, social media advertisements, and offers promoting “free super health checks” or services to “find your lost super”. While these offers may appear helpful, they are often designed […]
Dealing with the loss of a loved one is never easy. On top of the emotional toll, there are also important tax and administrative responsibilities that must be addressed—particularly if you’ve been appointed to handle the deceased’s estate. As a legal personal representative (LPR), you are responsible for finalising their tax obligations with the Australian […]
While it may be tempting to submit your tax return as soon as the financial year ends—especially with rising living costs and the potential for a refund—the Austral-ian Taxation Office (ATO) advises caution. Lodging too early can significantly increase the risk of errors, which may delay your return or result in ATO-initiated amendments. In July […]
If you’ve been working from home (WFH), you may be able to claim tax deductions for some of your expenses—but only if you meet certain conditions. Are You Eligible to Claim WFH Expenses? To claim WFH deductions, you need to be genuinely working from home to do your job—not just checking the occasional email or […]
If your child earns money or has savings, it’s worth knowing how tax rules apply to them. Whether it’s interest from a bank account, dividends from shares, or even part-time job earnings, some income may be taxable—even for kids. Who Counts as a “Minor” for Tax? The ATO defines a minor as someone under 18 […]
This tax time, the ATO is again closely monitoring claims in relation to rental properties. The ATO has data-matching programs in place that collect detailed information about properties and owners for income years all the way from 2018–2019 to the 2022–2023. These programs expand the rental income data collected directly from third-party sources, including sharing […]
With the end of the 2019 income tax year upon us, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses and individuals to consider. TIP: This is general information, but […]
Single Touch Payroll (STP) is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees. STP reporting started gradually from 1 July 2018, and it will be required for all small employers (with fewer than 20 employees) […]
The Small Business Ombudsman, Kate Carnell, has announced that taxpayers wanting an external review of an adverse tax decision by the ATO through the Administrative Appeals Tribunal (AAT) can now contact the office of the Australian Small Business and Family Enterprise Ombudsman for assistance. From 1 March 2019, small business owners without legal representation can […]
Fringe benefits tax (FBT) returns will soon be due and as always, it’s vital to make sure you use the latest rates and rely on the correct information. FBT rates have recently been updated for the year, and a range of other factors may be need to be considered, including using the best car parking […]
Super contributions work test exemption extended; spouse contributions age limit increased The Budget confirmed the Treasurer’s announcement on 1 April 2019 that individuals aged 65 and 66 will be able to make voluntary superannuation contributions from 1 July 2020 (both concessional and non-concessional) without needing to meet the contributions work test. The age limit for […]
Instant asset write-off extended to more taxpayers; threshold increased The Budget contains important changes to the instant asset write-off rules. These changes are in addition to the measures contained in a Bill currently before Parliament. There are two key changes. First, the write-off has been extended to medium sized businesses, where it previously only applied […]
Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO). Under the changes, the maximum reduction in an eligible individual’s tax from the LMITO will […]
An extra 44,000 taxpayers have been hit with the additional 15% Division 293 tax for the first time on their superannuation contributions for 2017–2018. This is because the Div 293 income threshold was reduced to $250,000 for 2017–2018 (it was previously $300,000). Individual taxpayers with income and super contributions above $250,000 are subject to an […]