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Don't forget the two further 'boosts'!
By WSCAdmin | Created on December 4, 2023
It is important to remember that there are two further 'boosts' providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024.
Notice of officeholder data-matching program
By WSCAdmin | Created on December 4, 2023
The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years.
Claiming deductions in relation to a holiday home
By WSCAdmin | Created on December 4, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.
When trust distributions to a company are left unpaid
By WSCAdmin | Created on November 8, 2023
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
Up to 10 years in prison for deliberate ‘wage theft’
By WSCAdmin | Created on November 8, 2023
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”.
30% tax on super earnings on balances above $3 million
By WSCAdmin | Created on November 8, 2023
Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.
Warning: Redrawing investment loans
By WSCAdmin | Created on November 8, 2023
The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue.
Fixed-term employment contracts limited to 2 years
By WSCAdmin | Created on November 8, 2023
From 6 December 2023, employers can no longer employ an employee on a fixed-term contract.
Workers owed $3.6bn in super guarantee
By WSCAdmin | Created on November 8, 2023
Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.
When is food GST-free?
By WSCAdmin | Created on November 8, 2023
Chobani plain yoghurt is GST-free, but Chobani’s ‘flip’ range is taxable?
Notice of visa data-matching program
By WSC Group | Created on November 2, 2023
The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years.
ATO says: "Be cyber wise, don't compromise"
By WSC Group | Created on November 2, 2023
The ATO encourages taxpayers to implement the following four quick steps to protect themselves.
Losses in crypto investments for SMSFs
By WSC Group | Created on November 2, 2023
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments.
Care required in paying super benefits
By WSC Group | Created on November 2, 2023
Benefit payments to members who have not met a condition of release are not treated as super benefits.
Tax issues for businesses that have received a support payment
By WSC Group | Created on November 2, 2023
Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income.
30% tax on super earnings above $3m
By WSCAdmin | Created on October 5, 2023
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.
$20k deduction for ‘electrifying’ your business
By WSCAdmin | Created on October 5, 2023
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction!
Self-education, What can you claim?
By WSCAdmin | Created on October 5, 2023
The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.
The ‘Airbnb’ Tax
By WSCAdmin | Created on October 5, 2023
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
Mildura man jailed for seven years for GST fraud
By WSC Group | Created on September 30, 2023
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more than $830,000 in fraudulent GST refunds.
Choosing the right PAYG instalment method
By WSC Group | Created on September 30, 2023
The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method.
Taxpayers need to get their 'rental right'
By WSC Group | Created on September 30, 2023
The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.
Remember the unused concessional contributions cap concession
By WSC Group | Created on September 30, 2023
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap.
Deduction for contributions denied due to notice requirement problems
By WSC Group | Created on September 30, 2023
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied.
The Billion Dollar TikTok Scandal
By WSC Group | Created on September 6, 2023
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
Appointing an SMSF auditor
By WSC Group | Created on September 6, 2023
The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return.
NALI provisions did not apply to loan structure
By WSC Group | Created on September 6, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), and so this income could still be treated as exempt current pension income.
Luxury car tax: determining a vehicle's principal purpose
By WSC Group | Created on September 6, 2023
The ATO recently explained how to determine the principal purpose of a car for ‘luxury car tax’ (‘LCT’) purposes (since LCT is not payable on the supply or importation of cars whose principal purpose is the carriage of goods rather than passengers)
The case of the taxpayer who was paid too late
By WSC Group | Created on September 6, 2023
What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
Legislating the ‘objective’ of super
By WSC Group | Created on September 6, 2023
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
