News
Taxpayer’s claim for input tax credits unsuccessful
March 6, 2025
In a recent decision, the Administrative Review Tribunal ('ART') rejected a taxpayer's claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]
ATO’s tips to help taxpayers stay on top of their BAS
March 6, 2025
The ATO has the following tips to help taxpayers get their BAS right before they lodge: - You should make sure to enter the figures for your obligations at the correct label, and only complete applicable fields. - If lodging online, or through a registered tax or BAS agent, you may be able to get […]
How to master employer obligations in 2025
March 6, 2025
Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax ('FBT') 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. You should identify if you have provided a fringe benefit. If yes, t determine the taxable […]
AAT rejects taxpayer’s claims for work-related expenses
November 4, 2024
In a recent decision, a taxpayer's claims for various work-related expenses were rejected by the Administrative Appeals Tribunal. The taxpayer was employed as a traffic controller in the 2020 income year. In his income tax return for that year he claimed $9,800 in work-related deductions, including for car expenses (using the cents per km method), […]
Eligibility for compassionate release of superannuation
November 4, 2024
The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018. It will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations, including that the applicant has no other means to pay the […]
FBT on plug-in hybrid electric vehicles
November 4, 2024
From 1 April 2025, a plug-in hybrid electric vehicle ('PHEV') will not be considered a zero or low emissions vehicle under fringe benefits tax ('FBT') law and will not be eligible for the electric car FBT exemption. However, an employer can continue to apply the electric car exemption if: use of the PHEV was exempt […]
ATO’s notice of government payments data-matching program
November 4, 2024
The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service providers against ATO records, including service provider identification details and payment transaction details. The ATO estimates that records relating to approximately 60,000 service providers will be […]
Deductions for financial advice fees
November 4, 2024
The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to a deduction for fees for financial advice to the extent that the loss or outgoing is incurred in gaining or producing assessable income, […]
Lodging and paying business activity statements (‘BASs’)
November 4, 2024
The ATO is reminding taxpayers that it is important to lodge BASs and pay in full and on time to avoid penalties and interest charges. The BAS for the first quarter of 2024/25 is generally due on 28 October, but taxpayers may receive an extra: four weeks if you lodge through our services as a […]