Reminder of September Quarter Superannuation Guarantee (‘SG’)
October 3, 2024
Employers are reminded that employee super contributions for the 1 July 2024 to 30 September 2024 quarter must be received by the relevant super funds by 28 October 2024 in order to avoid being liable to pay the SG charge.
As an individual taxpayer you can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: let your employer know if you have a study or training support loan, such as a HECS or HELP debt; check you are only claiming the tax-free threshold from […]
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed, having regard to the following in particular: A bank or credit card statement on its own will generally not be enough evidence to support a work-related expense claim. Taxpayers instead need detailed written […]
Small business energy incentive available for the 2024 income year
August 30, 2024
Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive. This new measure gives them the opportunity to claim a bonus deduction equal to 20% of the cost of […]
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full names, dates of birth, addresses, emails, business names, ABNs, contact phone numbers and account details. The ATO estimates the total number of account records to be obtained will be between 20,000 and 30,000 each income […]
ATO’s tips for correctly claiming deductions for rental properties
August 30, 2024
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the year the expense occurred. Initial […]
ATO issues notice of crypto assets data-matching program
June 14, 2024
The ATO has advised that it will acquire account identification and transaction data from crypto designated service providers for the 2024 to 2026 income years. This data will include the following: client identification details (names, addresses, dates of birth, phone numbers, social media accounts and email addresses); and transaction details (bank account details, wallet addresses, […]
To avoid an unfranked dividend under the Division 7A rules, loans from a private company to its shareholders or their associates must be either repaid in full or be covered by a 'Division 7A complying loan agreement' before the company's lodgement day. Complying loan agreements require minimum yearly repayments ('MYRs') comprising of interest and principal […]
Support available for businesses experiencing difficulties
June 14, 2024
By paying your tax bill in full and on time, you can avoid paying the general interest charge ('GIC'), which is currently 11.34%, and which accrues daily for any overdue debts. The ATO advises taxpayers that, if your business is dealing with financial difficulties, there are some options to help make their tax bill "less […]