News
Getting ready for business
June 6, 2025
As a new business owner, it is imperative to understand your obligations to ensure you are starting out on the right foot. Listed below are are the 'top 7 things' taxpayers need to know when starting a new business. Using digital tools and maintaining accurate records to help manage daily activities and cash flow. There […]
‘Wild’ tax deduction attempts
June 6, 2025
The ATO recently revealed some of the 'wild' work related expense tax claims people have tried to "put past" the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal […]
Taxable payments annual report lodgement reminder
May 6, 2025
Businesses that pay contractors for 'Taxable payments reporting system services' may need to lodge a 'Taxable payments annual report' ('TPAR') by 28 August each year. This includes businesses paying contractors in the building and construction, cleaning and IT industries. From 22 March, the ATO will apply penalties to businesses that have not lodged their TPAR […]
FBT record keeping and plug-in hybrid exemption changes
May 6, 2025
With the 2025 fringe benefits tax ('FBT') year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations. Alternative record keeping changes For the 2025 and succeeding FBT years, employers can use existing records instead of travel diaries and declarations for some fringe benefits. If […]
Increase to rate for working from home running expenses
May 6, 2025
Practical Compliance Guide 2023/1 outlines the ATO's new method ('the fixed-rate method') for calculating additional running expenses while working from home, which has applied from 1 July 2022. This guideline was recently updated to increase the work from home fixed rate from 67 cents to 70 cents per hour from 1 July 2024. The fixed-rate […]
How to avoid common CGT errors
May 6, 2025
The ATO wants taxpayers to know that having a foreign resident capital gains withholding ('FRCGW') clearance certificate does not mean you do not have any further CGT obligations. If you have sold property, you still need to include capital gains, losses or an exemption or rollover code in your income tax return. NB: If an […]
How to manage business day-to-day transactions
May 6, 2025
The ATO has the following tips for small business owners "that can make your tax life easier" they should: Keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. Set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep it separate […]
Taxpayer’s claim for input tax credits unsuccessful
March 6, 2025
In a recent decision, the Administrative Review Tribunal ('ART') rejected a taxpayer's claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time. For the GST periods from 1 October 2015 to 31 March 2017, the taxpayer filed each of her GST returns more than […]
ATO’s tips to help taxpayers stay on top of their BAS
March 6, 2025
The ATO has the following tips to help taxpayers get their BAS right before they lodge: - You should make sure to enter the figures for your obligations at the correct label, and only complete applicable fields. - If lodging online, or through a registered tax or BAS agent, you may be able to get […]