Monthly update – August 2024
ATO’s tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income. These expenses can […]
Practice Update – Tax
December 2023 ATO’s lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible […]
Practice Update – August 2023
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A ‘reimbursement’ is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular […]
Practice update -April 2023
New 15% super tax to apply from 1 July 2025
The Government recently announced it will be imposing a 15% additional tax on individuals that
have more than $3 million in superannuation. The new measure is expected to commence from
1 July 2025 (i.e., the start of the 2026 income year).
Practice Update
December 2022 Input tax credits denied due to lodging BASs late The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late. Specifically, the GST Act operates such that, if an extension […]
Fringe Benefit Tax at Christmas Time
It is a time of the year when giving is encouraged. As a business owner, you may want to make sure you have all the information available to you, so that you are fully aware of your tax obligations this Christmas. Christmas parties The cost of food and drink associated with a Christmas party is […]
