News
Remember the unused concessional contributions cap concession
October 5, 2023
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap (i.e., and make additional concessional contributions to utilise any unused cap amounts). For example, an individual who did not […]
Mildura man jailed for seven years for GST fraud
October 5, 2023
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more than $830,000 in fraudulent GST refunds. The man had recently been released from custody when he lodged false business activity statements, dishonestly obtaining $834,437 in GST refunds. Under Operation Protego, which was initiated in response […]
Taxpayers need to get their ‘rental right’
October 5, 2023
The ATO reminds rental property owners to take care when lodging their tax returns this tax time. When having tax returns prepared, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other rental-related income. Rental income must be reported in the year the […]
Changes to deductions this tax time
September 1, 2023
Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 cents per kilometre in the 2023 […]
Masters course fees not deductible as self-education expenses
July 11, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that tuition fees for a public policy Masters course were not deductible, on the basis that the course did not relate to the taxpayer's work as a music teacher.
Know your private company loan arrangements before you lodge
July 11, 2023
Know your private company loan arrangements before you lodge
Minimum annual payments for super income streams
July 11, 2023
Minimum annual payments for super income streams
The super guarantee rate is increasing
July 11, 2023
Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023. Businesses need to calculate super contributions at 11% for their eligible workers for […]
Reminder of March 2023 Quarter Superannuation Guarantee (‘SG’)
April 27, 2023
Employers are reminded that the SG obligation for the 1 January 2023 to 31 March 2023 quarter is due by 28 April 2023. 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. As a reminder, […]