Learning Centre

Learning Centre

ATO Tax Time focus areas

ATO Tax Time focus areas

The 2023/24 Federal Budget was handed down on 9 May. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as cost of living relief.

2023-24 Budget Newsletter

2023-24 Budget Newsletter

The 2023/24 Federal Budget was handed down on 9 May. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as cost of living relief.

Temporary Full Expensing (TFE) — get in quick!

Temporary Full Expensing (TFE) — get in quick!

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! To recap, TFE encourages and supports businesses by allowing an...

Federal Budget — what to watch out for

Federal Budget — what to watch out for

It’s now only a week or so until the Federal Budget which is to be handed down on 9 May. Some of the things to look out this year potentially include: Abolition of Temporary Full Expensing Under...

Financing motor vehicles

Financing motor vehicles

One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing...

New work from home record keeping requirements

New work from home record keeping requirements

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:

Can you use your SMSF property upon retirement?

Can you use your SMSF property upon retirement?

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...

The importance of cash flow forecasts

The importance of cash flow forecasts

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...

Reduction in downsizer eligibility age

Reduction in downsizer eligibility age

The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home...

ATO new-year resolutions

ATO new-year resolutions

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...

Missed the Director ID Deadline?

Missed the Director ID Deadline?

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...

FBT exemption for electric vehicles

FBT exemption for electric vehicles

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...

New work from home deduction rules

New work from home deduction rules

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...

On-boarding employees for the holiday rush

On-boarding employees for the holiday rush

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...

Single member SMSFs

Single member SMSFs

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...

SMSF compliance: what’s on the ATO’s radar?

SMSF compliance: what’s on the ATO’s radar?

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 gifts from employers

Christmas gifts from employers

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,...

Federal Budget 2022-2023

Federal Budget 2022-2023

The 2022-23 federal Budget was handed down on 25 October. The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low- and middle-income earners were the big-ticket...

Director ID… last ditch awareness campaign!

Director ID… last ditch awareness campaign!

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...

Protecting your AU Domain Name

Protecting your AU Domain Name

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 I have to pay myself super as a business owner?

Do I have to pay myself super as a business owner?

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...

SMSF member obligations

SMSF member obligations

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...

Claiming business losses

Claiming business losses

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...

Optus Data Breach

Optus Data Breach

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...

Bridging the super gender gap

Bridging the super gender gap

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%...

Insurance: Inside or outside super?

Insurance: Inside or outside super?

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...

Estate Planning Explained

Estate Planning Explained

Estate Planning means different things to different people. Ultimately, it is about ensuring that you have the right mechanisms in place to ensure that in the event of your death, your assets pass...

e-Invoicing: Save time and money

e-Invoicing: Save time and money

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...

Super funds post lowest returns since GFC

Super funds post lowest returns since GFC

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...

Hiring Employees

Hiring Employees

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...

The Tax Consequences of Land Subdivision

The Tax Consequences of Land Subdivision

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...

Switching home loans

Switching home loans

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...

Your SUPER comparison tool

Your SUPER comparison tool

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...

GST Health Check

GST Health Check

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:...

Wash sale arrangements under scrutiny

Wash sale arrangements under scrutiny

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...

COVID-19 relief for SMSF trustees now at an end

COVID-19 relief for SMSF trustees now at an end

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...

ATO focus on rental property income and deductions

ATO focus on rental property income and deductions

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...

Accessing Your Super Early

Accessing Your Super Early

The key purpose of superannuation is to provide individuals with benefits for their retirement, which is when most people will access their superannuation savings. But, in some cases, individuals...

Super Guarantee Rises to 10.5%

Super Guarantee Rises to 10.5%

The increase to the superannuation guarantee (SG) rate from 1 July 2022 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when...

Scam Myths

Scam Myths

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...

ATO tax time focus for small business

ATO tax time focus for small business

The ATO has released a tax time tool kit to assist businesses and us as your tax advisor to nail your 2021/22 business tax return. The ATO has also flagged what it will be focusing on for small...

Last minute trust distributions and record keeping

Last minute trust distributions and record keeping

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...

STP year-end finalisations … due soon!

STP year-end finalisations … due soon!

Employers need to make STP finalization declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process. If you have 20 or more employees, you...

ATO Prioritizing Debt Collection

ATO Prioritizing Debt Collection

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...

Downsizer Contributions to SUPER

Downsizer Contributions to SUPER

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...

Four Priorities for the ATO this Tax Time

Four Priorities for the ATO this Tax Time

In the middle of May, the ATO announced that there will be four focus areas on their radar during Tax Time 2022 – record-keeping, work-related expenses, rental property income and deductions, and...

2022 Election Washup

2022 Election Washup

Following the election of the new Labor federal Government on 21 May, there are a number of tax and superannuation proposals that they have announced or existing measures they have committed to that...

Six Super Strategies to Consider Before 30 June

Six Super Strategies to Consider Before 30 June

With the end of financial year (EOFY) fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider...

ATO warning of fake ABN and TFN scams

ATO warning of fake ABN and TFN scams

The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee but then failing to provide the service –...

30 June Tax Planning

30 June Tax Planning

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimize your tax position. Temporary full...

HR Manuals

HR Manuals

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...

Personal Property Securities Register

Personal Property Securities Register

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...

Financing Motor Vehicles

Financing Motor Vehicles

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....

What You Should Know About Six Member SMSFs

What You Should Know About Six Member SMSFs

Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members. Interestingly, recent ATO statistics...

Further Developments on Trust Distributions

Further Developments on Trust Distributions

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. Back-Story To...

Why Super Can Help Save For Your Retirement

Why Super Can Help Save For Your Retirement

Superannuation is an investment vehicle specifically designed to help you save for retirement - this is one of the key reasons why you should take an interest in your superannuation. Whether you’re...

Applying For A Director Identification Number

Applying For A Director Identification Number

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...

The Importance of Succession Planning

The Importance of Succession Planning

Succession planning provides you and your business with a strategy to ensure you enjoy optimised financial security when you transfer the ownership of your business. While this might not seem...

Preparing a Business For Sale Or Transfer

Preparing a Business For Sale Or Transfer

The decision to sell or transfer your business is never easy. Most business owners have put their blood, sweat and tears into the business and have an emotional connection that makes it difficult to...

Financial Goal Setting For Your Business

Financial Goal Setting For Your Business

As a business owner, it’s often easy to get caught up in running your business with just one financial goal in mind: sales revenue. However, you started your business with a product or service...

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