Latest Blogs
Warnings and Reminders from the Regulators
Financial Support to Help Businesses with Recent Weather Events Various businesses may have been affected by recent weather events with some getting financial support or government grants to help them in recovery. While the tax treatment of financial support might not...
New Tax-Related Measures Announced by the Government
From Government Redesigned Stage 3 Tax Cuts According to the government, it will make changes to the Stage 3 Tax Cuts and will commence on 1 July 2024. While the government still needs support to make changes to pass through Parliament, the purpose of redesigned Stage...
What If the Evidence Doesn’t Match What the Taxpayer Tells the ATO?
A recent case before the Administrative Appeals Tribunal (AAT) outlines the significance of ensuring that the evidence supports the tax position you are taking. The issue involves heritage farmland purchased for $1.6 million and sold 7 years later for $4.25 million....
Can You Use Your SMSF for Property Development?
It is a known fact that Australians have a keen interest in property investment. One of the main reasons for this is the 15% preferential tax rate on income during the accumulation phase, which can potentially mean no tax during retirement. Due to this, many trustees...
Stage 3 Personal Income Tax Cut Changes
The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...
Is Novated Lease Worth It in 2024?
Are you planning to finance a new car this year? If yes, you may wonder how to go for it. Many of you may have heard about leasing a new car purchase, but have you learnt about a novated lease? Novated lease is helpful in buying a new car while saving more on taxes....
Maximising Benefits with Spouse Super Contributions
In today’s blog, we’ll explore how you can strategically leverage spouse super contributions for maximum financial benefits. In this comprehensive guide, we'll walk you through two powerful strategies, splitting your contributions with your spouse and claiming a tax...
Super Co-Contribution- Boost Your Retirement Savings for Low and Middle-Income Earners
Our today’s guide is on the Super Co-contribution scheme and how it can significantly impact the retirement savings of low and middle-income earners. What is a Super Co-Contribution? If you're a low or middle-income earner making personal non-concessional...
Boosting Low-Income Retirement Savings with Super Tax Offset
Are you a low-income earner? Did you know low-income super tax offset can boost your retirement savings? We're delving into the low-income super tax offset or LISTO, a vital mechanism empowering low-income earners to fortify their retirement savings. Let's start with...
Smooth Departure- Lodge Your Early Tax Return Before Leaving Australia
Are you planning to leave Australia? Ensure a smooth departure by learning how to lodge your tax return early. Eligibility to File an Early Tax Return Are you wondering if you qualify for early lodgement? If you're leaving Australia permanently before the end of the...
Navigating GST Credits with Reliable Accountants
In today's blog, we're demystifying GST credits and exploring when you are allowed to claim GST credits and when you can't claim them. Claiming GST credits isn't always straightforward. To know what conditions you need to meet to claim GST credits and when you are not...
When Can You Claim Your Super Early?
When you want to access your super early, then you may need to meet a few conditions because there are certain circumstances in which you can claim your super early. The circumstances will be discussed in this blog. When Are You Allowed to Claim Your Super Early? You...
The Key Issues and Influences of 2024
Inflation and Labour Supply According to Michelle Bullock, RBA Governor, inflation is going in the right direction but it intends to return to target slightly more slowly than expected. Though there have been positive indications, there is still uncertainty. In the...
How to Avoid Giving the ATO a Bonus this Christmas?
If you don’t want to pay tax on Christmas, then you should read this blog where we’ll discuss a few tips to help you avoid giving the ATO a bonus this festive season. Keep Team Gifts Spontaneous $300 is the minor benefit threshold for FBT so anything at or above this...
Latest Tax News for December 2023: What You Must Know?
In today’s blog, we’ll explore the latest tax news for December 2023. Let’s delve right into recent developments. ATO’s Lodgment Penalty Amnesty is Nearing Its End You can take the benefit of ATO’s lodgment penalty amnesty until 31 December 2023. To be eligible for...
Holding Costs for Vacant Land Explained
From 1 July 2019, section 26-102 ITAA 1997 applies and can reject the deduction for losses or outgoings relating to holding land if there is no substantial and permanent structure available for usage or in usage on the land. Some exceptions apply to the operation of...
Eligibility Criteria to Claim Self-Education Expenses
The ATO issued a new draft ruling TR 2023/D1, which focuses on the availability of deductions for self-education expenses for individuals. For self-education expenses incurred by someone who is not running a business to be deductible, they must be incurred in gaining...
Nov 2023 Round Up-Controversial Loss Claim on Home Sale by a Taxpayer
Controversial Case of a Taxpayer who Claimed a Deduction from a Loss on a Home Sale In Bowerman and Commissioner of Taxation [2023] AATA 3547, the taxpayer argued that she should be liable to claim a deduction from a loss on a home sale. The fact summary of this case...
Conditions You Need to Meet to Access Technology Investment Boost
Technology Investment Boost In the March 2022 Federal Budget, the Government announced that it will introduce a technology investment boost so that small businesses can take advantage of digital technologies. Eventually, the measure was introduced to Parliament in...
Latest Tax Update on Division 7A and UPEs
In this blog, we’ll cover the latest tax updates that have been announced in the past few months. Let’s get started: Division 7A and UPEs In Bendel and Commissioner of Taxation [2023] AATA 3074, the ATO’s long-held position was successfully challenged by the taxpayer...
Individual Tax Return Lodgment with a Tax Return Accountant
Are you worried about queries like how to get assistance from a sole trader tax return accountant, the process of individual tax return lodgment, and so on? No worries, you can seek help from a professional tax accountant who will guide you thoroughly about all tax...
Streamlining Business: Nominate Your Agents in 5 Easy Steps
In today’s blog, we’ll discuss the client-to-agent linking process to help you know the steps involved in this process. Let’s get started: What is the Linking Process? To protect you and your clients against identity-related theft, the ATO is improving the security of...
New to Tax and Super: A Beginner’s Guide
Welcome to the world of taxes and superannuation in Australia. If you're new to the tax and super system, this blog will be your guide to kick-start your journey. To learn everything about taxes and superannuation, continue reading this blog. Let’s get started: Why Do...
Tax Return Amendment Time Limits: Your Financial Future Demystified
Are you aware of the time limits when it comes to amending your tax return? It's important to understand these crucial timelines to manage your tax affairs effectively. Let's break it down. The clock starts ticking from the day after you receive your notice of...
What Accountants Are Asking about the Absence Rule?
The blog shares the most common questions that are asked by accountants about the absence rule. Does the Absence Rule Apply? Main residence that becomes a rental property and a new property purchased For instance, a person purchased his main residence in January 2015...
Get to Know Everything About the Main Residence Absence Rule
The main residence exemption, and the application of the absence rule, remain hot topics. The legislation talking about the main residence absence rule is only 175 words and looks simple enough until applies to real life. In this blog, we’ll discuss everything about...
When is Food GST-Free?
In a recent case before the Administrative Appeals Tribunal (AAT), it was discovered that while Chobani plain yoghurt is GST-free, the 'flip' range of Chobani is taxable. This demonstrates how fine the dividing line can be between GST-free and taxable foods. In 2000,...
Recent Changes and Updates in Taxation and Employment Laws
Unpaid Trust Distributions to a Company What happens when a trust assigns revenue to a private company beneficiary but doesn’t pay? The tax status of this underpaid amount was at the heart of a recent Administrative Appeals Tribunal (AAT) case in which a taxpayer...
Workers Owed $3.6bn in Super Guarantee
According to the Australian Taxation Office, workers are owed above $3.6bn in superannuation guarantee – the amount the regulators and government are looking to change dramatically. The statistics on employer superannuation guarantee compliance seem good with above...
Difference between an Accountant and an Auditor
Many people often use the terms 'accountant' and 'auditor' interchangeably, as both professions require similar skills and knowledge in accounting, bookkeeping and data analysis. However, it is vital to understand the key differences between these two roles. Let’s get...