News
Small business concessions
March 15, 2024
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated annual turnover of less than: $2 million […]
Super contribution caps to rise
March 15, 2024
The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000 This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and salary sacrificed contributions. The non-concessional contribution cap […]
New ATO guidance on “who is an employee?”
February 9, 2024
The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes. A useful approach for establishing whether or not a worker is an employee of an engaging entity is to consider whether the worker is working in the business of the […]
Melbourne man sentenced to jail for attempting to defraud the ATO
February 9, 2024
A Wheelers Hill man was recently sentenced to three years and six months imprisonment for defrauding the ATO of nearly $35,000 and attempting to defraud the ATO of a further $458,000, following a joint investigation by the Australian Federal Police ('AFP') and ATO's serious financial crime taskforce. The investigation began in June 2020, after the […]
Sale of land subject to GST
February 9, 2024
The Administrative Appeals Tribunal (AAT) recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 for $1.6 million, and he subsequently took steps […]
Deductions denied for work-related expenses
February 9, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied. The taxpayer, a real estate salesperson, claimed tax deductions for the 2018 to 2020 income years, during which time he derived income from his employment with a […]
Government announces changes to proposed ‘Stage 3’ tax cuts
February 9, 2024
Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold increase […]
Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’)
December 14, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and interest component. The […]
Claiming deductions in relation to a holiday home
December 14, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions: How many days during the income year […]