A Practice Statement has been issued by the ATO which highlights the approach that the staff of the ATO must follow to check out whether to allow an extension of time to apply for direction identification number for individuals. Typically, an individual must apply for...
Updated guidance on land and subdivision projects The ATO has revised its document, ‘Examples of tax consequences of sales of land, including small-scale land subdivision,’ to add more examples. It now features seven instances addressing the income tax and GST...
From 1 April 2025 to 31 March 2027, no foreign investor can buy built homes. The idea is to curb foreign land banking and ensure the availability of houses for Australians. From 1 April 2025, foreign investors will not be able to buy built homes unless they qualify...
R&D tax deductions are crucial in promoting innovation, but a recent Federal Court decision regarding the Delly1 basketball shoe underscores the challenges of meeting stringent eligibility requirements. The Federal Court has rejected a sports company's appeal to...
The past few years have been marked by significant instability. While 2025 offers the promise of greater stability and certainty, it does not guarantee it. Here, we examine some of the key changes and challenges ahead. Legislation in Limbo On the final sitting day of...
With Christmas rapidly approaching, it's important to understand how your spending could impact your tax responsibilities. From holiday parties and staff gifts to client entertainment, the ATO has specific guidelines on what can and cannot be deducted. How to make...
Objective of super Superannuation (Objective) Bill 2023 The Bill, which enshrines the objective of superannuation, has passed both Houses of Parliament and awaits Royal Assent. The objective is to preserve savings for a dignified retirement, alongside government...
Section 99B - Benefits from Non-Resident Trusts The ATO has updated its guidance on the functions of section 99B of the ITAA 1936. Section 99B ensures that payments made to a beneficiary who has been an Australian resident during the relevant income year are taxed...
The ATO has issued a reminder to trustees about important considerations for making Family Trust Elections (FTE) and Interposed Entity Elections (IEE). An FTE makes the trust a "family trust" for tax purposes, but it must pass the family control test. The election...
Community Charity Guidelines The Treasury has released the exposure draft of the Taxation Administration Guidelines 2024, with responses due by 3 December 2024. These guidelines apply to deductible gift recipients (DGRs) within the new community charity category and...