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...
Upcoming changes for pension and income support recipients
A permanent enhancement to the pensioner work bonus, along with a doubling of the employment income nil rate period, has been announced. As a part of the government’s strategy to get more people back into work to solve skills shortages being experienced by many...
ATO shifting to firmer debt collection
The Commissioner has flagged a return to firmer debt collection actions after easing activities in the aftermath of COVID-19. With less than 6 months left in his tenure as the Commissioner of Taxation, Chris Jordan has unapologetically flagged the ATO’s shift to...
ASIC: super trustees need to step up efforts
ASIC has called on super trustees to step up efforts in the areas of dealing with member money and consolidating duplicate accounts. In recent media releases, ASIC has called on superannuation trustees to step up efforts in the areas of appropriately dealing with...
MBR program abandoned
After the recent release of a review, the MBR program has been scrapped by the government due to cost blowouts. The Modernising Business Registers (MBR) program was initiated by the previous government in 2019 with the aim of transforming the company, business and...
Tax Time 2023: lodgement period underway
Taxpayers with uncomplicated financial affairs have been given the green light to lodge their tax returns by the ATO. Will you get a refund this year? With only a little more than a month into tax time, the ATO has given the green light for taxpayers with...
Does GST apply to crypto-assets?
Want to know how GST applies to crypto-assets? As digital currency becomes more commonplace in a business context both in terms of trading and using such assets for payment in Australia, one question that commonly arises for those businesses will no doubt be: does GST...
Small business energy incentive
Small businesses may soon be able to receive a bonus tax deduction as an incentive to electrify their operations if a government proposal becomes law. Small businesses with an aggregated annual turnover of less than $50m could soon get a bonus 20% deduction for the...