2021 budget strategy to drive economic recovery from the pandemic Budget 2021 has extended many concessions to businesses in the hopes of driving unemployment rate down and increasing GDP. So...

The 2021 Federal Budget has been handed down by the Treasurer. Budget 2021, for individuals the government has retained the low and middle income tax offset as well as the low income offs...

PERSONAL TAXATION IN THE FEDERAL BUDGET Personal tax rates unchanged for 2021–2022 The 2021 Australian Federal Budget did not announce any personal tax rates changes, having already brought...

Unable to obtain payment from a debtor, don’t panic, depending on the accounting method used by your business, you may be able to claim a tax deduction for the unpaid amount. Unable to obtain...

Contractors beware, with the ATO targeting contractors from data matching information. ATO has now received the taxable payments annual report from more than 158,000 businesses for the 2019-20 in...

Taxable Payments Annual Report (TPAR) was designed to supress, if not outright eliminate the “black economy” by requiring businesses providing various services to lodge a report containing details ...

Superannuation makes up almost 10% of our salaries and is vital to our retirement, yet many of us don’t put much thought into it beyond ensuring the correct amount goes into the fund of our choic...

Reforms for financial services are on the way to protect consumers, the next tranche of recommendations from the Financial Services and Banking Royal Commission is currently being legislated....

Increase statutory demand threshold, if you run a small business or any business for that matter, you may be interested in the current government consultation to increase the statutory demand thres...

Salary Sacrifice will help get the most from your salary and wages while minimising your tax at the same time? Then a salary packaging or salary sacrifice arrangement may be the way to go. Wh...

If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Singl...

ATO data-matching, checking JobMaker and access to super. The ATO is kicking into gear in 2021 with another two data-matching programs specifically related to the JobMaker hiring credit and e...

Pension transfer cap will increase on 1st July 2021 so if you’re nearing retirement and have a large amount in your transfer balance account it may be wise to delay until 1 July 2021 to take adva...

Tax implications may arise if you have more than one job, whether it be casual, contract or some other arrangement, you will need to be careful to avoid an end of financial year tax debt. Tax i...

The due date for the SMSF annual return for some self-managed super funds is fast approaching, Trustees now have less than one month to lodge the return. If you’re the trustee of an SMSF ...

ATO data matching, motor vehicle registrations in 2021. Individuals and businesses beware, the first data-matching program of 2021 calendar year has been initiated by the ATO and it relates to ...

JobMaker Hiring Credit, is it right for your business? As the Australian economy gets back on its feet, the government has been very vocal about winding back various JobKeeper and JobSeeker measu...

If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you need to pay. The concession...

To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way to arrange your affairs to minimise...

Insolvency changes to help businesses. In what has been touted as the most significant changes to Australia’s insolvency framework in 30 years, the government has implemented changes aimed at red...

Boost your super savings by using the unused carry forward concessional contributions cap? Put simply, the unused cap allows individual to carry forward any unused amounts from their concessional...

ATO data matching program for online selling extended. Online sellers beware, the ATO has extended its current data matching program for another 4 years to ensure that businesses and individuals ar...

Super reforms proposed in Budget are on the horizon. The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at...

Lodge super enquiry with ATO if employer has underpaid super. Are you an employee that has been underpaid super by your employer? If you think that’s the case, and you’re keen to claw back what...

Illegal phoenixing, ATO retaining taxpayers refunds. The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications. While the exercise of this dis...

Victorian budget for 2020-2021, what’s in it for me? In difficult economic conditions, the Victorian State government is focusing on providing businesses with maximum support to ensure a quicker re...

Super visibility measures in family law proceedings delayed. Proposed changes to allow electronic information sharing between the ATO and the Family Law Courts in relation to super assets held by r...

NSW Budget, the roadmap to recovery, what’s in it for you? In the middle of the COVID-19 pandemic, the NSW government has released what it hopes will be a roadmap to recovery for the State in the f...

ATO post-COVID expectations for businesses behaviour. The ATO has recently outlined its expectations for businesses post-COVID. It largely warned companies against using loopholes to obtain ben...

SMSF asset valuations, ATO provides COVID-19 concessions. Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value ...

JobSeeker COVID supplement extended but amount reduced. The JobSeeker COVID supplement has once again been extended for a further 3 months accompanied by an associated cut in rate. JobSeeker CO...

JobMaker, help your business take advantage by hiring. If your business is thinking of hiring new staff, now is the time. The Government will pay employers a subsidy of sorts for each eligible youn...

Seasonal workers, are they tax residents due to Coronavirus? If you’re a seasonal worker who has been stuck in Australia due to closed borders or difficulty getting flights home, you may be getting...

SMSF with tax return lodgement due date of 31 October have been reminded to lodge on time. According to the ATO, those funds that are more than 2 weeks overdue on any annual return lodgement will h...

Foreign business, new corporate residency test coming. In order to provide certainty for foreign incorporated businesses conducting operations in Australia, the government announced in the 2020 Bud...

Claim your work at home expenses in the 2020 tax year if you haven’t lodged yet. There is still time so year don’t forget to claim your work from home expenses. There are generally 3 ways of claimi...

Apprentices and trainees, ongoing government data-matching. Apprentices and trainees. Businesses with an apprentice or trainee beware. The Department of Education, Skills and Employment has commenc...

Call Hunter Partners on (07) 4723-1223 to make an appointment to do your Tax Return Tax Time again, yes it's time to lodge this years tax return. Hunter Partners would like to help you to pre...

Managed funds, ASIC warns against mislabelling products. ASIC has recently conducted surveillance activity which identified two significant concerns in the labelling of financial products by manage...

Family help from potential changes to the childcare subsidy? In its Budget reply speech, Labor has earmarked changes to the family childcare subsidy should it win the next election which could occu...

2020 Budget, will help my business to survive and expand? In the 2020 Budget, the Treasurer, Josh Frydenberg has unleashed $300bn to support the economy and get growth back on track. With Austr...

2020 Budget for me, will it really make a difference? The government has handed down its big spending 2020 Budget in a bid to revive the economy. In terms of individuals, as expected, the governmen...

2020 Budget and Personal Taxation Personal tax cuts brought forward to 1 July 2020 In the 2020 Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (St...

Businesses owners struggling with the economic downturn, the ATO has outlined options including deduction of business losses and offsetting losses in future years. It is also assisting taxpayer...

Transition to retirement pension may be for you. Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a t...

A new Centrelink and ATO data matching program is currently underway and will apply for the 2019-20 and 2020-21 income years. The program relates to the use of Single Touch Payroll (STP) data. ...

 COVID-19 response from State government provides assistance to a range of their residents to soften the blow of the COVID-19 pandemic. Depending on which state you or your business is sit...

The maximum number of allowable members for SMSFs could soon increase from 4 to 6 if a recently reintroduced Bill passes Parliament, this could result in a 6 member SMSF. The Bill was previously a ...

Bankruptcy concessions extended for another 3 months. Temporary debt protection concessions for bankruptcy actions and director liability claims have been extended to 31 December 2020. This will br...

Super guarantee amnesty which allowed employers to come forward to declare any super guarantee (SG) shortfalls and self-correct SG underpayments with reduced penalties has officially ended. For...

Reduce car FBT liability with one simple change to operating cost method. Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook ...

Frozen managed fund, as the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best i...

Changing business structure, some sectors of the economy are suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a cha...

FBT implications from COVID-19. FBT may be the last thing on the minds of many business owners, but as the pandemic stretches on, there may be inadvertent consequences for businesses that provide ...

Government support for Victorians increased, if you or your business has been financially affected by the second lockdown in Victoria, don’t fret, the government has unveiled new support measures t...

End of repayment holiday or loan payment deferrals as a result of COVID-19 for a majority of borrowers are due in September. If you or your business initially deferred a loan at the beginning o...

More employees now eligible for JobKeeper payments, there has been recent changes which extend the eligibility of the program so that more of your employees may be eligible. Employee eligibilit...

TPAR includes more businesses this year. With the ultimate distraction of the pandemic, many businesses around Australia may not be aware that they will be required to lodge a Taxable Payments Annu...

Super guarantee amnesty is due to end in less than 30 days, businesses wanting to take advantage of the super guarantee amnesty have less than a month to disclose underpayments of super guarantee t...

Director identification numbers are now law, to combat phoenixing and other black economy activities, a new regime of director identification numbers (DIN) will come into effect in the near future....

To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft legis...

COVID-19 pandemic and government policy has provided challenges for the superannuation industry, particularly for trustees to provide appropriate information. ASIC has recently outlined its int...

GST risk management and compliance is always on the horizon. While many businesses are focusing on meeting ever changing health regulations as well as the health of their customers and staff. The t...

Changes to the JobKeeper are coming. In order to support businesses through a potentially prolonged economic downturn due to the pandemic, the government has confirmed it will seek to extend the pa...

Future of the JobSeeker payments is changing, the government has committed to extending the coronavirus supplement beyond the currently legislated end date of 24 September for a further three month...

ATO Death and taxes improvements coming soon. They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty. ...

Victorian Government support, now available. Victorian businesses in lockdown now has access to an additional financial support package from the State government. Victorian Government support f...

IGTO investigates ATO’s communication of taxpayers’ rights to review, complain and appeal decisions made and actions taken by the ATO. IGTO investigates ATO’s communication of taxpayer rights, ...

ATO compliance and COVID-19 support measures. Businesses beware, the ATO is conducting compliance measures on the government’s COVID-19 stimulus package including on the JobKeeper and the cash flow...

Early release of super. If you’re one of the 2.4m Australians who has taken advantage of COVID-19 early super release, beware as the ATO is investigating fraud and schemes related to this measure. ...

  COVID-19 recovery grant for NSW. Small businesses that are gradually opening back up now has extra support from the NSW government. Those that meet certain criteria including experiencing a...

Don’t lodge before your information made available by ATO. With Tax Time 2020 just around the corner, many individuals on reduced income or have increased deductions may be eager to lodge their inc...

small business super clearing house.Running a small business is already stressful enough in this economic climate without needing to worry about compliance of super guarantee payments and whether t...

Businesses that received the initial cash flow boosts as a part of the COVID-19 stimulus measures are in line for an additional Covid-19 cash flow boost for the June to September quarters. Addi...

Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be ...

Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI). SMSFs derive non-arm’s length income. Due to ATO concern...

The Reportable Tax Position schedule will soon apply to large private companies. From 1 July 2020, the ATO will require large businesses to disclose their most contestable and material tax position...

ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companie...

If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doin...

ATO using new technology. Last year, some 107,000 ATO impersonation scam calls were reported to the authorities, the real number is likely to be much higher given that most of these calls go unrepo...

Government contracts require Statement of Tax Record (STR). Businesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may nee...

Rental property owners along the rest of the economy have taken a hit to their bottom line. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expens...

Consolidating superannuation, by some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners...

ATO data matching on ride sharing Uber Lyft drivers, while the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data matching programs. ATO ...

Don't be caught up in Jobkeeper schemes. Businesses that have applied for the JobKeeper now have some certainty on the integrity provision contained in the legislation. ATO compliance approach ...

COVID-19 has turned lives upside down on a global scale, with one unintended side-effect being the drastic restriction of movement across borders. What are the Australian Residency implications. ...

The ATO has delayed the application of potential changes to FBT car parking benefit until 1 April 2021. The current draft ruling is expected to be finalised sometime in mid-2020. Controvertial ...

In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the growth in SMSF property development was...

Directors duties after coronavirus. The government’s coronavirus economic response package included a provision to provide temporary relief for directors of financially distressed businesses from p...

Enrolment for the JobKeeper payment for your business is now open. For the tens of thousands of businesses that registered their interest, you can now follow some simple steps to enrol and ensure y...

SMSF improvements that were proposed by the Government before the disruption of the Coronavirus epidemic are are again on the drawing board. The government confirmed it would go ahead with various ...

ATO expands audit position review to include income tax. The ATO has expanded and extended their independent review service to encompass income tax, GST, excise, luxury car tax, wine equalisation t...

Require an early super release. If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibili...

There is now more assistance for NSW small business owners. The NSW State government has announced $10,000 grants for eligible businesses to help with cash-flow. The grant must be used for unavoida...

Coronavirus cash flow boost payments stimulus explained. Small to medium employers who intend to claim the “cash flow boost payment” (minimum of $10,000 and a maximum of $50,000) announced in the s...

The government has released details of its $130bn wage subsidy scheme, the JobKeeper Payment. It is the third in a series of economic stimulus designed to help people keep their jobs while business...

SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this ...

Stimulus package for Coronavirus update released 22nd March. The economic impact of the COVID-19 pandemic seems to get more and more serious with every passing day. With everyone more or less pract...

Working from home. Have you been directed by your company to work from home to limit the spread of the coronavirus? If so, you may be able to claim a deduction for the additional running costs you ...

Admin support from ATO. A series of administrative measures to assist businesses experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic has been announced by the ATO. ...

Coronavirus concessions. Some States have followed in the Federal governments footsteps to provide their own stimulus and concessions for mostly small to medium businesses and in some cases to indi...

Coronavirus stimulus package. The coronavirus has been biting into global financial markets and in an effort to contain the fall-out to the local economy, the government has released a stimulus pac...

Employee super unpaid? An amnesty is now on for employers in relation to unpaid employee super entitlements from 1 July 1992 to 1 January 2018. There are certain conditions which have to be met for...

Phone call to the ATO blocked? Call centres are the bane of everyone’s existence, but what if you tried to call and was blocked? That’s what the ATO have been doing during peak periods to prevent w...

ATO top mistakes. While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need...

Scammers targeting you? Scammers targeting vulnerable disaster victims has reared its ugly head. If you receive a SMS that supposedly gives you an 8% bonus on your tax return, the best course of ac...

SMSF investment strategy. While many trustees will know that self-managed super funds (SMSFs) are required to prepare and implement an investment strategy, what they may not know is that specific f...

Insurance payouts taxable? Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. Wha...

Tax man doing the right thing by you? Anyone that has had a bad experience after navigating the maze of bureaucracy that is the Tax Office (ATO) may be reminded of an old Latin phase “quis custodie...

Tax evasion tackled by the ATO. With the rise the global economy and easy flow of money across borders, no country is immune to international tax evasion and money laundering. ATO tackling inte...

Illegal-pheonixing, Governnment introduces measures to combat illegal-phoenixing. New laws are now in place to target illegal-phoenixing of companies which by some estimates costs businesses, emplo...

Super guarantee, Government acts to close a loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed. ...

Student loan limit changed by Government from January 2020. With the cost of studying at university going up every year, a new combined, renewable student loan limit has been implemented from 1 Jan...

Car parking fringe benefits scruitiny by ATO, are you complying? Do you provide car parking to your employees on your business premises? If the parking meets certain conditions you may have to pay ...

Foreign residents and changes to main residence exemption. Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place. This means that if you’re a foreign r...

First Home Loan Deposit Scheme, help for first home buyers. The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect...

Remission of additional super guarantee charge penalty. Running a business and ensuring your employees are paid the correct super can be difficult and inadvertent mistakes can be made from time to ...

ATO backs down from controversial time limit ruling. In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits ...

ATO offers support for bushfire victims through deferrals. As bushfires continue to rage across the country, support for devastated communities are coming from all sides and the ATO is no exception...

Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report...

Superannuation savings increased by no cost strategies. With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, thi...

Tax avoidance taskforce expands to top 500 private groups, high wealth private groups, and medium and emerging private groups. Perhaps the most interesting is the inclusion of medium and emerging p...

SMSF sole purpose test and fractional investments. Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would cont...

Reportable tax position expansion stalled until at least 2021. The Reportable Tax Position schedule was first introduced in 2012 as a way for the ATO to keep an eye on contestable or material tax p...

Cash payment limit of $10,000 proposed by government has understandably elicited some confusion among the general populous. Chief among them is to what extent will personal transactions be included...

Backpackers on working holidays are to pay less tax. A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take ...

Tax debts able to be disclosed by ATO to credit agencies. ATO is now able to disclose your tax debts to credit agencies. Businesses with tax debts beware, the ATO will now be able to disclose the d...

Unit trusts avoid CGT on disposals by restructure rollovers. An alert has been issued over arrangements where trustees of unit trusts disposes CGT assets to an arm’s length purchaser with no CGT co...

Vacant land, no deductions to be allowed for holding vacant land. The building defects saga that’s happening all around Australia has understandably caused public uproar and forced state government...

Debt forgiveness due to love and affection only for natural persons. The rules around Div 7A deemed dividends are complex and may have become more so with the release of a draft taxation determinat...

Super guarantee opt out for high income earners with multiple jobs. If you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super conc...

Non commercial loss rules could apply for business and job, this may prevent you from deducting your business losses against your other income. Non commercial loss rules could apply for busines...

Crowdfunding is for people who need of money, is it income? Crowdfunding has fast become the go to place for people in need of large amounts of money quickly, but is the money raised considered to ...

Drought stricken farmers obtain tax relief from Government. With the drought sweeping across the country, everyone is doing what they can to help. Farmers have been offered access to concessional l...

Genuine redundancy payment qualifying age increases to the age pension age, so even if you’re over 65 you may still be able to receive the payment. Genuine redundancy payment qualifying age inc...

Insurance changes in superannuation are on the horizon. You may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and yo...

Individual tax return for 2018-19 year to be checked by ATO. Every individual tax return lodged for the 2018-19 income year to find instances of incorrect claims. ATO will scrutinise every indi...

Selling shares, how much capital gains tax will you pay? Did you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how...

Unpaid super, important amnesty update for employers. Unpaid super is a big problem, and the compliance landscape is changing. If you’re an employer, now is the time to take action and protect your...

Health insurance and tax, should you have health insurance? If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You c...

Small business CGT concessions, when do I qualify? The small business CGT concessions are a great tool for business owners to transfer wealth into super. Here, we break down the two essential requi...

Business tax losses may benefit your business later. If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry...

“Downsizer” super contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements. Downsizer supe...

Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign income you haven’t declared to the ATO – perhaps interest from a foreign bank account? ...

Salary sacrifice loopholes, are you receiving your full benefits? Salary sacrifice strategies are a great way to boost retirement savings. But unwelcome salary sacrifice loopholes in the law mean s...

Can I access my super early? I need help with expenses. Thinking about tapping into your super early to help with mounting expenses? Mortgage repayments, medical treatments and hard-to-meet living ...

Claiming work trips for business owners with some private time? As a business owner you can deduct the cost of work trips you need to take for business. But what happens when you mix business with ...

ATO power to report business tax debts to credit agencies. Proposed new ATO powers to disclose business tax debts to credit reporting agencies mean businesses with long-term unpaid tax bills could ...

Rental property tax deductions, what can we claim? Paying off a loan for an investment property you’ve purchased? The ATO says over-claimed interest is a common error made in rental property expens...

Rental property tax deductions, what can we claim? Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while o...

SMSF investment strategy compliance, ATO to check on over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justi...

GST on imports, are you optimising your business cashflow? If you import goods as part of your business, you don’t have to pay GST upfront if you’re registered for the ATO’s deferred GST scheme. In...

Insurance in super, the impact of proposed changes, there are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in su...

Super opt out choice for high earners with multiple jobs. If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can le...

Taxpayer errors to avoid this tax time to evade ATO scrutiny. Getting around to your taxes soon? The ATO has revealed the most common mistakes taxpayers tend to make at tax time, with thousands of ...

Tax losses after a change in control, some ATO guidance. Has your company made a tax loss in recent years? If new investors or a major share sale is on the cards, the company may benefit from flexi...

Super draw to buy your first home, would this help you? Saving for your first home? In a market where owning your home is increasingly out of reach for many, the First Home Super Saver (FHSS) schem...

Super and bankruptcy, can creditors access my benefits? Superannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of...

Capital gains tax and death, it’s not the end of the world. There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a benefici...

Hankering for a hobby farm? Have a penchant for a few shimmering vines, or maybe a cluster of Angus cows on green pastures? Maybe you’re already “farming”. You might see your rural acres as a hobby...

SMSFs differ from other funds so understand the differences. Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affe...

Clothing deductions, ATO clamping down so be careful. Planning to claim some clothing or laundry expenses this tax time? These deductions are on the ATO’s watch list again this year, and there are ...

Valuing your SMSF assets, know the market value requirements. Recording the market value of your SMSF’s assets is an important trustee responsibility. But how do you prove “market value”, how often...

Instant asset write-off, how will help your business? You may have heard about it but do you understand exactly how it can benefit your business? Unsure about how the instant asset write-off wi...

Independent contractors, do you need to pay super? Your business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Numb...

Income Statement replaces Payment Summary. This year there are changes to how many employees access their tax information including their income statement from their employer. The good news is ...

Lending to your SMSF? Thinking about a gearing strategy for your SMSF? It’s possible to borrow from a related party, but you must structure the loan terms correctly or else face significant tax pen...

Age Pension, will I qualify when I reach pension age? As we start to think about retirement, one of the first questions many of us ask is “Will I qualify for the Age Pension?” To help you understan...

Small business CGT concessions, make sure your claim stacks up as they can save your businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essen...

SMSF member and moving overseas? If you currently have an SMSF, you’ll need a strategy for managing your super to ensure your fund doesn’t breach any residency rules. Know your options and plan bef...

Dealing with the ATO, being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple thin...

SMSFs vs other types of funds, some issues to consider. For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone. Before you jump in,...

Is your passive company running a business? Got a passive corporate entity that holds an investment property or perhaps plant and equipment? The ATO has confirmed it takes a broad approach to w...

Claim deductions when working and studying part-time. Will you need to buy textbooks for your work-related study, or perhaps invest in a new computer? You can claim deductions for these expense...

Business real property can be moved into your SMSF. Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the concessionally taxed SMS...

Super withdrawal, how much tax is withheld from super? You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 yea...

ABN registration is under scrutiny, does yours stack up? Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor?  The ATO is ...

SMSF trustee, is a corporate trustee worth the extra expense? Setting up a new SMSF does involve some cost, and one of the decisions you’ll need to make is whether it’s worth paying to establish a ...

Working and studying part-time, course fees deductible? If you go “back to school” the costs can really add up, but the good news is that your course fees may be deductible if the course is suffici...

STP reporting is your small business ready for the changes. Have you sorted out Single Touch Payroll arrangements for your small business? If not, it’s time to get cracking! All businesses must...

Binding nomination, make sure your super passes into the right hands. Your superannuation balance is probably one of your biggest assets, perhaps up there with the family home. It’s therefore vital...

Inactive super account, changes are coming are you affected? This year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being ero...

Cash income from gig economy sites? Are you declaring it? Have you ever considered joining a site like Airtasker to make some extra cash? If so, you’ll need to keep the ATO happy. Here, we expl...

R & D incentive for software projects, can my business claim? Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax in...

Retirement for super access purposes, what does it mean? Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs without retiring permanently? The rules...

Work-related car expenses that employees can claim. If you have special car travel needs for work, like driving between two jobs or different worksites, or carrying bulky equipment you may be able ...

Compulsory super, speed up your retirement savings? The compulsory superannuation guarantee rate which is currently 9.5% is set to increase over the next few years. But if you’re an employee, w...

SMSF contraventions, is compliance putting your fund at risk? SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulatio...

Super deductions, get them right or the ATO will get you. Recent changes to the law mean many more Australians can now claim deductions for their personal super contributions. But while the eli...

ATO business benchmarks can be a handy business check-up tool for business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, iden...

SMSF membership may soon be able to increase to six members. A large member group in an SMSF creates a number of important planning issues that need to be carefully managed. But for the right S...

Financial services complaint, call AFCA. Do you need help resolving a problem with a bank, credit provider or superannuation fund? The new Australian Financial Complaints Authority (AFCA) provi...

Common CGT obstacles homeowners meed to be aware of. Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex a...

Super thresholds increase to boost some caps from 2019-20. Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bure...

Declare personal use of your business trading stock? For business owners in industries such as hospitality and food retail, using small amounts of the business’ trading stock for personal use is a ...

Does listing my home on Airbnb affect my tax return? Australia’s growing “sharing” economy provides many opportunities to make extra income. However, this will generally give rise to additional...

SMSF trustees must watch their related party expenses. The tax laws that penalise uncommercial transactions between SMSFs and related parties are set to get tougher, with an SMSF’s expenses to come...

Bad SMSF trustee behaviour can lead to disqualification. A tribunal decision upholding the ATO’s call to disqualify an SMSF trustee from acting as a trustee again is a reminder of the importance of...

ATO impersonation scams increasing so check caller ID. The ATO is warning taxpayers about scammers who impersonate the ATO in order to obtain the taxpayer’s personal information or even to demand p...

Government extends the instant asset write-off again. This extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for ...