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...
Proposed mechanisms for payday super
The government has released a consultation paper on two models that could be used to implement the payday super measure. Unpaid superannuation is equivalent to wage theft and is detrimental to the retirement income of many Australians. That’s why in the 2023-24...
Sharing Economy Reporting regime
Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride-sourcing and short-term accommodation are now required to be reported. The Sharing Economy Report Regime (SERR) has now commenced for the 2023-24 income...
Deductions related to holding vacant land
ATO has clarified when deductions for losses and outgoings that relate to holding vacant land will be denied in relation to individuals not conducting a business or in primary production. Deductions for losses and outgoings that relate to holding vacant land on which...