Revised stage 3 tax cuts now law
The revised stage 3 tax cuts are now law, and it is time to be proactive about your time planning. Find out how it will affect you here. Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates are law and...
FBT electric vehicle home charging rate
With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity. Since the introduction of EV incentives by various state governments to encourage the...
Estate planning considerations
Estate planning is a complex area that requires careful consideration of tax implications, which can vary widely depending on individual circumstances. Many issues that affect the distribution of assets to beneficiaries will need to be considered before an individual...
Are you receiving PSI?
Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. Personal Services Income (PSI) generally only applies to individuals that...
Foreign investors to pay more for residential property
Foreign investors will soon be paying more for residential housing under a government plan to boost housing stock for Australians. In response to various media commentary and public sentiment that foreign investors are one of the most significant factors causing the...
ATO’s continued focus on illegal early release super funds
ATO is continuing to target illegal early release of super in 2024. Find out about the tools and strategies they are using this year. As a new calendar year commences, the ATO’s priorities in the SMSF sector remain consistent. As with previous years, the greatest area...
ATO areas of interest for the year
At the end of last year, the ATO highlighted 3 areas of focus, including cyber security, debt book and improving tax performance for 2024. The ATO has indicated it will move its focus in 2024, with the Second Commissioner of Client Engagement, Jeremy Hirschhorn,...
Statement of tax record for businesses
Businesses tendering for Commonwealth government contracts need to be aware that contracts over a certain amount may require a statement of tax record. Businesses wanting to participate in tendering for Commonwealth government contracts need to be aware that contracts...
Circumstances for lodgement deferral
Tax time 2023 has now officially ended, taxpayers needing additional time to lodge should request a lodgement deferral from the ATO without delay. The last day for lodgement was 31 October 2023, so taxpayers that have yet to lodge should do so as soon as possible to...
International businesses and GST
International businesses that have sales connected to Australia over a certain threshold may need to register and pay GST in Australia. This applies to electronic distribution platform (EDP) operators that allow merchants to make sales of services, digital products or...