News relating to tax
GalleryWhat will the ATO be Asking about your Holiday Home?
Taxpayers claiming deductions on holiday homes are in the ATO’s sights.
The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims:
How many days was it rented out and […]
GalleryWhat’s the Deal with Working from Home?
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.
The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new […]
GalleryThe ATO’s final position on risky trust distributions
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s […]
GalleryAvoiding the FBT Christmas Grinch!
It’s that time of year again – what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax effective Christmas season:
Tax & Christmas
For GST registered businesses (not tax exempt) that […]
GalleryTaxing fame: The ATO’s U-turn
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change under […]
GalleryTax reprieve for double taxation of Indian technical support
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm, even when the services are provided remotely. This is due to the wording contained in the double tax agreement between Australia and India.Under an agreement reached […]
Can I claim my crypto losses?
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it […]
FBT-free Electric Cars
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV […]
What changed on 1 July?
A reminder of what changed on 1 July 2022
Business
Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and overSmall business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)ATO […]
Tax & the family home
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.
Capital gains tax (CGT) applies to gains you have made […]
