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Notice of Medicare levy exemption data-matching program

By WSC Group | Created on July 2, 2024

The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years.

New lodgement obligation for income tax exempt organisations

By WSC Group | Created on July 2, 2024

Non-charitable not-for-profits ('NFPs') with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to notify their eligibility for income tax exemption.

ATO may cancel inactive ABNs

By WSC Group | Created on July 2, 2024

The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers ('ABNs').

Family trust elections and interposed entity elections

By WSC Group | Created on July 2, 2024

Family trust distribution tax ('FTDT') is a special, 47%, tax sometimes payable by a trustee, director or partner.

ATO's 'main residence exemption tips'

By WSC Group | Created on July 2, 2024

The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property, they have lived in.

Taxpayers able to apply CGT small business concessions

By WSC Group | Created on July 2, 2024

The Administrative Appeals Tribunal ('AAT') recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil.

$20k instant asset write-off passes Parliament

By WSC Group | Created on July 2, 2024

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.