News
FOR YOUR URGENT ACTION CHECK YOUR ODOMETER READINGS
March 30, 2026
The end of the Fringe Benefits Tax (FBT) year is 31 March 2026 We remind you that all odometers must be checked and the reading recorded after the last time you use a business vehicle on 31 March 2026. It is a requirement under the current Fringe Benefits Tax legislation that you make a note of […]
Check GST credit claims before lodging BASs
March 12, 2026
Taxpayers who are registered for GST can claim GST credits (or 'input tax credits') for the GST included in the price of goods and services they buy for their business. However, if you buy something for both business and private use, you need to apportion the GST credit to only claim the business use. For […]
Contractors omitting income
March 12, 2026
Through data matching, the ATO is seeing some contractors incorrectly reporting or omitting contractor income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work. Note that, as part of the taxable payments reporting system ('TPRS'), certain businesses must lodge a 'Taxable payments annual report' […]
Businesses using cash to dodge obligations
March 12, 2026
The ATO is 'cracking down' on businesses that use cash to avoid meeting their tax, employer and business obligations. Businesses that do this may: fail to report all sales transactions and fail to issue receipts; avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; report their income below the $75,000 […]
$20,000 instant asset write-off extended
March 12, 2026
The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able to use the instant asset write-off ('IAWO') to immediately deduct the […]
ATO’s new approach to holiday home expenses
December 11, 2025
The ATO has announced that it will take a somewhat different approach in relation to expenses that are claimed in relation to holiday homes. Broadly, the ATO now takes the view that, if a taxpayer's rental property is also their holiday home, certain deductions relating to holding it will be completely denied (rather than being […]
Reminder of December 2025 Quarter Superannuation Guarantee (‘SG’)
December 11, 2025
REMINDER that employee super contributions for the quarter ending 31 December 2025 must be received by the relevant super funds by 28 January 2026. 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 […]
Christmas Parties & Gifts 2025
December 11, 2025
Year-end (and other) staff parties With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients. FBT […]
New ATO Data-Matching Programs
December 11, 2025
The ATO acquires and uses data for pre-filling, detecting dishonest or fraudulent behaviour, and identifying areas where it can educate taxpayers to help them understand their tax obligations. When data does not match, the ATO may contact tax agents and their clients to find out why. Rental Income Data-Matching Over the coming months, the ATO […]