News
Don’t forget the two further ‘boosts’!
December 14, 2023
Although the 'Technology Investment Boost' has come to an end (it provided a bonus deduction for eligible expenditure incurred until 30 June 2023), it is important to remember that there are two further 'boosts' providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024. The Skills and […]
ATO warning regarding prohibited SMSF loans
December 8, 2023
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to […]
ATO’s lodgement penalty amnesty is about to end
December 8, 2023
The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO's lodgement penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: - had an annual turnover under $10 […]
Losses in crypto investments for SMSFs
November 3, 2023
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would hack into trustees' […]
ATO says: “Be cyber wise, don’t compromise”
November 3, 2023
Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following four quick steps to protect themselves. Step 1: Install updates for your devices and software Regular updates ensure taxpayers have the latest security in place which can help prevent cyber criminals from hacking their devices. […]
Notice of visa data-matching program
November 3, 2023
The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including the following: address history and contact history for visa applicants, sponsors, and migration agents; active visas meeting the relevant criteria, and all visa grants; visa grant […]
Care required in paying super benefits
November 3, 2023
Generally, before SMSF trustees pay a member's super benefits, they need to ensure that: the member has reached their preservation age; the member has met one of the conditions of release; and the governing rules of the fund (e.g., the trust deed) allow it. Benefit […]
Tax issues for businesses that have received a support payment
November 2, 2023
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may […]
Deduction for contributions denied due to notice requirement problems
October 5, 2023
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied. In order to claim a deduction for personal super contributions, an individual must both notify the super fund of their intention to claim a deduction, and […]