News

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 […]
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

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