Practice 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
Read MorePractice Update July 2023
July 4, 2023
Practice Update July 2023 covers following points: Court penalises AMP $24 million for charging deceased customers The super guarantee rate is increasing Minimum annual payments for super income streams Know your private company loan arrangements before you lodge Proportional indexation of transfer balance caps from 1 July 2023 Masters course fees not deductible as self-education…
Read MorePractice Update June 2023
June 2, 2023
Practice Update June 2023 covers following points: 2023/24 Budget Update In the ATO’s sights this Tax Time ATO advice regarding year-end trustee resolutions ‘Side hustles’ in the ATO’s sights ATO ride sourcing data-matching program Click here for Practice Update June 2023
Read MorePractice Update May 2023
May 2, 2023
Practice Update May 2023 covers following points: Last chance to claim deductions under temporary full expensing Residential investment property loan data-matching program Electric vehicle home charging rates: cents per km Taxpayers not carrying on an agistment business Know the rules for accessing superannuation Click here for Practice Update May 2023
Read MorePractice Update April 2023
April 4, 2023
Practice Update April 2023 covers following points: New 15% super tax to apply from 1 July 2025 Start thinking about your FBT obligations FBT exemption for electric cars Tips to reduce study and training loan balances Reminder of March 2023 Quarter Superannuation Guarantee (‘SG’) Click here for Practice Update April 2023
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