News relating to tax
Gallery01 Succession: the series
Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property.
Beyond the difficult task of dividing up your assets and determining who […]
GalleryProperty and ‘lifestyle’ assets in the spotlight
Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.
The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those […]
GalleryIt wasn’t me: the tax fraud scam
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?
In what is rapidly becoming the […]
GalleryWhen is a gift not a gift?
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.
The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m […]
Earned an income from the sharing economy?
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO […]
Is your family home really tax free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.
As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of […]
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.
Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 […]
GalleryWhat’s changing on 1 July 2024?
Here’s a summary of the key changes coming into effect on 1 July 2024:
Tax cuts reduce personal income tax rates and change the thresholds.Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements.Superannuation caps increase from $27,500 to $30,000 for concessional super contributions and […]
GalleryThe essential 30 June guide
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.
For you
Opportunities
Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make […]
GalleryThe assault on professional services
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms – lawyers, accountants, architects, medical practices, engineers, architects etc., […]
