News

Jail sentence for fraudulent developer

March 15, 2024

A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months. The developer was involved with two companies that formed part of a group known as the 'Hightrade Group' which developed properties such as a hotel […]
FBT time is fast approaching!

March 15, 2024

Please be reminded that 'FBT time' is just around the corner, employer's need to stay on top of their fringe benefits tax (FBT) obligations. Employers need to ensure they have attended to the following matters this FBT time: Identify if they have an FBT liability regarding fringe benefits they have provided to their employees or […]
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 […]

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