Individuals Claiming Deductions for Financial Advice Fees TD 2023/D4 has been released by the ATO, which looks at when deductions can be claimed for payments paid for financial advice. The primary focus of draft determination is on individuals who don’t run a...
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...
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...
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...
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...
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...
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...
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...
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...
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...