Reform of the ABN System
The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licence to do business despite no substantial changes in the application process in the intervening...
Areas of concern for SMSF trustees
If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole-purpose test, the in-house asset rules, unlawful schemes and arrangements, and...
Beware of clothing deductions this tax time
Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are...
Downsize to boost your super
From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions. This is in addition to the concessional and non-concessional contribution caps. However,...
Pre-lodgement Compliance Review: What you need to know
Pre-lodgement compliance reviews (PCRs) are increasingly being used by the ATO to resolve potential compliance concerns as they arise. Previously, PCRs have only been applied to significant taxpayers such as public companies, international groups, and large Australian...
Tax time focus areas for individuals
Tax time has come around for another year, and this year the ATO is focusing on “other” work-related expense deductions and work-related car expenses. It says taxpayer must remember that they are not automatically entitled to claim standard deductions and that all...
Have you got ATO clearance to sell you house?
Did you know that if you’re selling your home you may need a capital gains withholding clearance certificate from the ATO? If you don’t, you may find a chunk of the sales proceeds from your home going to the tax man. The online process to obtain the certificate is...
Budget 2018: What’s in it for you?
The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison who delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you? Businesses: While there were no specific tax cuts for businesses,...
Beware of the Superannuation Death Trap
It is said there are only two things certain in life. Death and Taxes! What happens when they occur at the same time? Death of a loved one is not only a tumultuous time for the deceased family and friends but when the deceased is a member of a self-managed...
Tax gets social: digital marketing and financial incentives for small business
Over the past year we’ve seen a number of tax incentives on offer for small business, including a reduction in the company tax rate, an increase in the instant asset write-off threshold and, in the digital arena, the tax deductibility of expenditure on intangible...