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…
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
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…
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…
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…
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
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
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…
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