Learning Centre

Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply.

For this financial year and moving forward, there are now only two methods to calculate your work from home claim:

Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, it has...

Many SMSF trustees wonder if they can live in their SMSF property once they retire. This is a common question particularly as property is such a popular SMSF investment. However, despite...

As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever.   Studies suggest that the failure to...

The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO, the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023...

Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to...

Electric vehicles are set to become more affordable for both households and businesses after the government sealed a deal with crossbench Senators on legislation to exempt low and zero emission cars...

The ATO has issued new draft guidelines around a new method (the revised fixed rate method) of calculating work-from-home running expenses from 1 July 2022 (as an alternative to calculating the...

Hiring additional employees to help with surging end-of-year  demand? A New employment form, accessed through ATO online services, will help reduce your compliance time. It’s an easy way for your...

From 1 July 2021, the law was changed to allow for six-member SMSFs (up from five members). At the time of writing, the uptake has been slow so far with just 228 funds with six members. At the other...

In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and investment...

Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift,...

With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the...

What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch public...

The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name! To recap, .au direct domain names were launched earlier this year by the organization...

Do you have your own business or are you thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If...

A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non- commercial. A...

Following a recent cyber-attack, Optus customers are advised they could be at risk of identity theft. While Optus has not yet revealed how many of its 9.7million customers were impacted, they did...

Fresh statistics released by the ATO reveal that the superannuation gender gap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25%...

All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number...

Most people insure their personal assets, such as their house, contents and car, but when it comes to personal insurance, many overlook the importance of protecting their wealth because personal...

The ATO is anticipating a significant upward spike in the number of businesses using e-Invoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make their...

Superannuation funds have recorded their worst performance since the global financial crisis, with the median balanced superannuation fund ending the 2021/22 financial year down 3.3% due to global...

With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. Know the Law Before...

It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital...

With interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loans. ASIC has recently released some tips if you are doing so. Ask your...

Are you ready to take control and compare your superannuation fund’s performance against other funds? You might be in luck if you have a MySuper fund as the ATO’s YourSuper comparison tool can help...

Now that the financial year has come to a close, it’s a good time to check all things GST. Registration If you are not already registered, you may over the coming period need to register for GST if:...

The ATO is warning taxpayers not to engage in ‘asset wash sales’ to artificially increase their losses in order to reduce capital gains or expected gains. It cautions that they are a form of tax...

The ATO has reminded SMSF trustees that the COVID-19 relief and support offered to SMSFs ended on 30 June 2022. At the peak of the COVID-19 pandemic, SMSF trustees that were financially or otherwise...

Income and tax deductions from rental properties are one of the four key areas that the ATO focuses on this Tax Time. The ATO is urging rental property owners to ensure they carefully review their...

In the past 12 months, the ATO has identified and taken action against 595 websites impersonating its online services. These fake sites are designed to steal passwords, personal information, and...

In late June, the ATO released their ‘100A guidelines’ provided in respect of the 2021/22 income year (‘Managing section 100A for the 2021–22 income year’). In summary, the guidelines would appear...

During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the...

rDid you know you could invest the proceeds of the sale of your family home to your superannuation, depending on your age and circumstances? What is a downsizer contribution? From 1 July 2022, if...

Quite a number of employers now have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser...

Are you aware of the personal property securities register? What is it? The personal property securities register (more commonly known as the PPSR) is an official government register. It’s...

A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment. 1....

Evaluating Business Financials: What to Check Considering these five indicators can help you prevent cash shortfalls, check the company's financial stability, and analyse the potential return on the...

This is to inform you about new legislation requiring all directors of Australian companies to have a director identification number (DIN). You will need to apply for a DIN if you are a company...