Personal Tax

  • Insurance Policy ActionThis year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being eroded by fees and inappropriate insurance premiums.

  • 099FederalBudget2018SpecialEditionOn Tuesday, 8 May 2018, Treasurer Scott Morrison handed down the 2018–2019 Federal Budget, his third. In what is widely perceived to be an election Budget (and certainly the last full Budget before the next Federal election), the Treasurer forecast a return to a modest deficit of $2.2 billion in 2019–2020 and an increase to surplus in 2020–2021. In the lead-up, the Treasurer signalled the need to “exercise the restraint that has been so important in ensuring that we bring that Budget back to balance”.

  • BUDGET 2019


    Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022

    In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO).

  • 085 AIRBNBHomeSharingTaxingImplicationsDo you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long-term tax implications of such a move, which may lead to a case of short-term gain causing long-term pain.

  • 134AustralianResidencyTestTax residency is a complex area where the decision is made based on individual circumstances. As the world becomes more global and interconnected, there seem to be more cases where people who have considered themselves not to be Australian residents anymore have been caught up in the net.

  • Are you declaring personal use of 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 reality of day-to-day operations.

  • Gig Platform ClaimsHave 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 explain the tax issues that arise when you earn money performing “gigs” through Airtasker, or any other online platform

  • Business finance, Personal tax

    ATO clamping down on clothing deductions

    By Thomson Reuters Tax & Accounting on 19 July 2019


    ATO Work Clothing ClaimsPlanning 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 many traps for the unwary.

  • 156BlitzOnSharingEconomy 720x454The sharing economy is booming in Australia with a large proportion of the population either making it their full-time job or making a little extra money on the side. However, with the boom comes the all-seeing-eye of the ATO which is now firmly focused on the sharing economy.

  • ATO impersonation scams on the riseThe ATO is warning taxpayers about scammers who impersonate the ATO in order to obtain the taxpayer’s personal information or even to demand payment of a fake tax debt.

  • 067ATOSpotlightOnVisaHoldersSponsorsAndMigrationAgentsThe ATO has launched the latest round of their data-matching program to include all visa holders, visa sponsors and migration agents.

  • 009AvoidAnATOAuditYourEssentialGuideToSmallBusinessBenchmarksThe Australian Bureau of Statistics recently estimated that unreported business income totals around $24 billion, or 1.5% of our nation’s gross domestic product. To reduce the amount of money circulating under the radar, the ATO constantly monitors the cash economy to ensure small business owners report all of their income.

  • Bad trustee behaviour can lead to disqualificationA 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 SMSF trustee responsibilities.

  • 113BewareOfClothingDeductionsThisTaxTimeBeware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are required to wear to earn your income can be claimed as work-related clothing.

  • 064BitcoinPart1PersonalInvestorsThere has been plenty of press coverage on bitcoin, but what are the tax consequences if you decide to join the craze? Well, that depends on whether you are running a business, or if you are acquiring bitcoin for personal investment. Here we examine the tax effects if you choose to invest in bitcoin on a personal level.

  • 076BitcoinPart3CryptocurrencyComplianceBitcoin is “neither money nor a foreign currency” the ATO warns, but it is still an asset that can be treated as income or counted as capital gains. In Part 3 of our series on bitcoin, we look at the compliance implications of operating bitcoin and how the ATO intends to monitor cryptocurrencies in general.

  • 054BlackEconomyTaskforceWhoCouldBeIncludedIn a bid to crack down on tax evasion, the Government has proposed to extend the taxable payment reporting system to two new high risk sectors identified by the Black Economy Taskforce: cleaning services and couriers. The Government cited the improved tax compliance in the building and construction industry as a model of what can be achieved in newly targeted sectors. We will keep you up to date with developments in this area as legislation is enacted.

  • 084BlowingTheWhistlePart1Whistleblowers in Australia are about to get more robust protection. In this two-part look at the new legislation introduced by the government, the implications of changes in whistleblower protections under corporations law will be examined firstly. While the introduction of the completely new whistleblower protections under the taxation regime will be examined in part 2.

  • 087BlowingTheWhistlePart2In part 2 of the look at the new legislation introduced by the government to ensure more robust protection for whistleblowers, we will examine the introduction of the completely new whistleblower protections under the taxation regime. Specifically, the new regime will be introduced to better protect people who disclose information to the ATO on tax avoidance behaviour and other tax issues.

  • 101Budget2018WhatsInItForYouIt’s May, which means it’s Budget time. In the last full Budget before the next Federal election, the Treasurer delivered an election Budget with enough sweeteners for everyone including businesses, income tax relief for individuals, measures to boost superannuation, and help for older Australians.

    The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison. In the last full Budget before the next Federal election, ScoMo delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you?

  • BudgetBusinessIncentivesIs your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive.

  • BudgetOver60sSuperBenefitsIf you’re in your 60s, this year’s federal Budget brings some good news: the Coalition is relaxing some of the contributions rules for your age group, giving you more time and opportunities to put away funds for retirement.

  • BudgetTaxCutsWith a federal election just around the corner, both major parties have put personal tax breaks front and centre of their Budget plans. Make sure you understand each party’s tax policy as you head to the polls this autumn.

  • CGT on Inherited DwellingThere’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 beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

  • Catching up on superannuation contributionsThe government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions is a great opportunity for anyone who takes time out of work or otherwise has “lumpy” income that means they have a varying capacity to make contributions from year to year.

  • BoostSuperSavingsThe compulsory superannuation guarantee rate – currently 9.5% – is set to increase over the next few years. But if you’re an employee, will relying on compulsory employer contributions be enough to meet your retirement goals?

  • Superannuation Fund Extra MembersDid you know that SMSFs may soon be able to have up to six members? A large member group in an SMSF creates a number of important planning issues that need to be carefully managed

  • Dealing with an excess super contributions determination

    Dealing with an excess super contributions determinationThe ATO has begun issuing determinations to individuals who exceeded their concessional super contributions cap for the 2017-18 financial year. These determinations will also trigger amended income tax assessments and additional tax liabilities.

  • Dealing with ATOBeing 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 things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.

  • Downsizer superannuation contributionsThe government’s new opportunity for “downsizing” Australians to contribute some of the sale proceeds from their home into superannuation may appear to be a very attractive strategy for many individuals who wish to use equity in their home to boost their retirement savings.

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