Practice 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
Read MorePractice Update April 2024
April 1, 2024
Practice Update April 2024 covers following points: How to claim working from home expenses Reminder of March 2024 Quarter Superannuation Guarantee (‘SG’) Using the ATO’s small business benchmarks Quarterly TBAR lodgment reminder Prepare for upcoming lodgments of SMSF annual returns Taxpayer who lived and worked overseas found to be tax resident Earning income for personal…
Read MorePractice Update March 2024
March 5, 2024
Practice Update March 2024 covers following points: Super contribution caps to rise Small business concessions FBT time is fast approaching! Jail sentence for fraudulent developer Penalties soon to apply for overdue TPARs Avoiding common Division 7A errors Click here for Practice Update March 2024
Read MorePractice Update Jan-Feb 2024
February 6, 2024
Practice Update January/February 2024 covers following points: Government announces changes to proposed ‘Stage 3’ tax cuts Changes in reporting requirements for sporting clubs Deductions denied for work-related expenses Sale of land subject to GST Melbourne man sentenced to jail for attempting to defraud the ATO New ATO guidance on “who is an employee?” Click here…
Read MorePractice Update December 2023
December 5, 2023
Practice Update December 2023 covers following points: ATO’s lodgment penalty amnesty is about to end Notice of officeholder data-matching program ATO warning regarding prohibited SMSF loans Don’t forget the two further ‘boosts’! Claiming deductions in relation to a holiday home Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’) Click here for Practice Update December 2023
Read MorePractice Update November 2023
November 1, 2023
Practice Update November 2023 covers following points: Tax issues for businesses that have received a support payment Care required in paying super benefits Notice of visa data-matching program ATO says: “Be cyber wise, don’t compromise” Losses in crypto investments for SMSFs Click here for Practice Update November 2023
Read MorePractice Update October 2023
October 3, 2023
Practice Update October 2023 covers following points: Taxpayers need to get their ‘rental right’ Choosing the right PAYG instalment method Mildura man jailed for seven years for GST fraud Remember the unused concessional contributions cap concession Deduction for contributions denied due to notice requirement problems Click here for Practice Update October 2023
Read MorePractice Update September 2023
September 5, 2023
Practice Update September 2023 covers following points: Appointing an SMSF auditor ATO gives ‘green light’ to lodge Different meanings of ‘dependant’ for superannuation and tax purposes NALI provisions did not apply to loan structure Luxury car tax: determining a vehicle’s principal purpose Click here for Practice Update September 2023
Read MorePractice Update August 2023
August 2, 2023
Practice Update August 2023 covers following points: Claiming GST credits for employee expense reimbursements Lodging of Taxable payments annual reports Changes to deduction this tax time Downsizer contribution measure eligibility has been extended Reallocation of excess concessional contributions denied Click here for Practice Update August 2023
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