News
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 […]
ATO’s notices of data-matching programs
October 3, 2024
The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details. The ATO estimates that records relating to more than 11 million individuals will be obtained. The ATO will acquire property management data from […]
ATO security safeguards for victims of fraud recently enhanced
October 3, 2024
Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm. This may require the impacted taxpayer to contact the ATO each time they need to access their information and cause inconvenience for the taxpayer as well as their tax […]
myGovId changing its name to myID
October 3, 2024
The digital identity app 'myGovID' will soon be changing its name to 'myID'. While the name is changing, the login and security will not change. Taxpayers who have already set up their myGovID and use it to access government online services will not need to do anything when the app changes to myID. They will […]