Legislative changes in the pipeline
The government has introduced a raft of legislative changes covering businesses, individuals and superannuation. The new Labor government has wasted no time in introducing a raft of legislative changes in relation to previously abandoned measures and to implement its...
SMSF COVID relief measures have now ceased
SMSF COVID relief measures available for the 2019-20, 2020-21 and 2021-22 income years have ceased from 1 July 2022. What does this mean for your SMSF? Trustees of SMSFs should be aware that COVID relief measures that were previously in place have now ended. The...
Tax time focus on rental properties
ATO is again focusing on income and deductions this tax time for rental properties. Just as with previous income years, tax time 2022 is no different, the ATO has again cited rental property income and deductions as one of the 4 key focus areas, along with...
Electric cars to be exempt from FBT
An employee’s private use of an electric car provided by an employer may soon be exempt from FBT if newly introduced legislation passes Parliament. During the 2022 election campaign, Labor announced its Electric Car Discount policy in order to make electric cars...
Beware of payment redirection scams
Small and micro businesses have been urged to be on the lookout for payment redirection scams which caused the highest losses to businesses in 2021. The Australian Securities and Investment Commission (ASIC) has warned small businesses to be alert for payment...
Professional firm profit allocation: ATO view
New ATO guidelines will soon allow professionals with an ownership interest in their firm to self-assess the risk of their profit allocation arrangement. If you run a professional services firm there are many tax issues to consider in allocating profits. The ATO is...
ATO warns against asset wash sales
The ATO has warned taxpayers against participating in asset wash sales to inflate their losses artificially. With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume normal compliance activity...
TBAR to be streamlined
Transfer balance account reporting (TBAR) for SMSF will soon be streamlined after community consultation. In good news for trustees of SMSFs and after much community consultation, transfer balance account event-based reporting (TBAR) will soon be streamlined for...
ATO reminder to small businesses this tax time
Small business owners beware, the ATO is again putting the appropriateness of deductions and omission of business income under the microscope this tax time. During this tax time, the ATO has once again reminded small businesses of their tax obligations and highlighted...
Record Keeping
You are legally required to keep records of all transactions relating to your tax and superannuation affairs. Failing to keep correct records can have financial consequences. You are legally required to keep records of all transactions relating to your tax and...