Practice Update Jan/Feb 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
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
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
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
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
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
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
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
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
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
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
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…
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