Practice Update July 2025
July 8, 2025
Practice Update July 2025 covers the following points: Changes to car thresholds from 1 July Reminder of June 2025 Quarter Superannuation Guarantee ('SG') Taking charge of upcoming employer obligations Notice of data exchange for skilled visa program compliance TBAR for June quarter due 28 July Beware of tax advice from 'finfluencers Taxpayer's claim for home...
Read MorePractice Update June 2025
June 5, 2025
Practice Update June 2025 covers the following points: 'Wild' tax deduction attempts Getting ready for business Taxi service and ride-sourcing providers must be registered Partial release from tax debt on serious hardship grounds $20,000 instant asset write-off for 2024/25 Beware websites sharing fake news on super preservation age Click here for Practice Update June 2025
Read MorePractice Update Mar 2025
March 7, 2025
Practice Update Mar 2025 covers following points: CGT withholding measures now law. ATO's tips to help taxpayers stay on top of their BAS Claiming fuel tax credits when rates change ATO "busts" NFP myths Taxpayer's claim for input tax credits unsuccessful ATO's appeal against decision that UPEs are not "loans" fails Click here for Practice...
Read MorePractice Update Jan/Feb 2025
February 18, 2025
Practice Update Jan/Feb 2025 covers following points: CGT withholding measures now law. ATO debunks Division 7A 'myths'. ATO's notice of rental bond data-matching program. Study/training loans — What's new. When to lodge SMSF annual returns. $13.6m in penalties imposed for false R&D claims Click here for Practice Update Jan/Feb 2025
Read MorePractice Update December 2024
December 2, 2024
Practice Update December 2024 covers following points: Can staff celebrations attract FBT? Reminder of December 2024 Quarter Superannuation Guarantee ('SG') ATO's tips for small businesses to 'get it right' SMSFs cannot be used for Christmas presents! Taxpayer's claims for various 'home business' expenses rejected ATO reminder about family trust elections Click here for Practice Update...
Read MorePractice Update November 2024
November 11, 2024
Practice Update November 2024 covers following points: Hiring employees for the festive season Lodging and paying business activity statements (‘BASs’) Deductions for financial advice fees ATO’s notice of government payments data-matching program FBT on plug-in hybrid electric vehicles Eligibility for compassionate release of superannuation AAT rejects taxpayer’s claims for work-related expenses Click here for Practice…
Read MorePractice Update October 2024
October 1, 2024
Practice Update October 2024 covers following points: Avoid a tax time shock Reminder of September Quarter Superannuation Guarantee (‘SG’) myGovId changing its name to myID ATO security safeguards for victims of fraud recently enhanced Valuing fund assets for SMSFs ATO’s notices of data-matching programs Click here for Practice Update October 2024
Read MorePractice Update September 2024
September 2, 2024
Practice Update September 2024 covers following points: Taxpayers can start lodging their tax returns Business self-review checklist: GST classification of products Receiving payments or assets from foreign trusts Storing correct records for work-related expenses Tax incentives for early stage investors Penalties imposed on taxpayer who falsely amended tax returns Click here for Practice Update September…
Read MorePractice Update August 2024
August 5, 2024
Practice Update August 2024 covers following points: ATO’s tips for correctly claiming deductions for rental properties Notice of online selling data-matching program Small business energy incentive available for the 2024 income year Importance of good record keeping SMSFs acquiring assets from related parties Federal Court overturns AAT’s tax resident decision Click here for Practice Update…
Read MorePractice Update July 2024
July 5, 2024
Practice Update July 2024 covers following points: ATO’s ‘main residence exemption tips’ Reminder of June 2024 Quarter Superannuation Guarantee (‘SG’) Notice of Medicare levy exemption data-matching program Family trust elections and interposed entity elections ATO may cancel inactive ABNs New lodgment obligation for income tax exempt organisations Taxpayers able to apply CGT small business concessions…
Read MorePractice Update June 2024
June 25, 2024
Practice Update June 2024 covers following points: ATO’s three focus areas this tax time End of financial year obligations for employers Getting trust distributions right Support available for businesses experiencing difficulties Minimum yearly repayments on Division 7A loans ATO issues notice of crypto assets data-matching program Click here for Practice Update June 2024
Read MorePractice Update May 2024
May 2, 2024
Practice Update May 2024 covers following points: Government warns of ‘malicious’ myGov scammers What to know about disaster relief payments Illegal early access to super ATO issues warning about false invoicing arrangements NFPs need to get ready for new return Taxpayer unsuccessful in having excess contributions reallocated Click here for Practice Update May 2024
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