ATO SMSF focus areas for 2023
Trustees of SMSFs have been provided with some insights on the risks ATO will be focusing on in the SMSF space for 2023. In a recent speech, Justin Micale, ATO Assistant Commissioner of Self Managed Super Funds Risk and Strategy area outlined the risks on ATO’s radar...
ATO targets: tax time 2023
This tax time, the ATO will be targeting loan interest expenses, working from home deductions, and CGT on main residences also used for income-producing purposes. With the end of the financial year fast approaching, the ATO has again released the areas it will be...
Budget 2023: What’s in it for small businesses
The government has released new measures relating to businesses in the 2023 Budget. The 2023 Budget has been handed down by Treasurer Jim Chalmers. In addition to the cost-of-living and welfare measures leaked ahead of the Budget, the government also released new...
Employers to pay super at same time as wages
Employers may need to start paying employee super guarantee contributions at the same time as wages if a recent government announcement becomes law. With the 2023 Federal Budget fast approaching, the government has been selectively releasing various measures ahead of...
Is your content making you income?
ATO has warned content creators that they need to be aware of their income tax and GST obligations. If you start making money from your online content, you will have income to declare. You will also need to consider whether you are in business. If you are, or you want...
Home charging rate for EVs released
The ATO has released a draft compliance guideline with the accepted rate for calculating the cost of electricity when an eligible EV is charged at an employee’s or an individual’s home. The draft compliance guideline contains the methodology for calculating the cost...
Director penalties
Company directors and former company directors may be subject to director penalties if they do not lodge and pay certain obligations on time. What is a director penalty? A company director becomes personally liable for the company's unpaid amounts of: Pay as you go...
FBT reminder: electric cars exemption
For the 2022-23 FBT year, your business may be able to receive an FBT exemption for certain eligible electric cars and associated car expenses. For the 2022-23 FBT year (1 April 2022 to 31 March 2023), your business may be able to receive an FBT exemption for certain...
ASIC: insurance in super improvements
ASIC has released a report which examines the progress by some super trustees to improve their arrangements for life insurance in super. The review was in response to issues ASIC have highlighted since 2019 to address consumer harms in life insurance in super,...
Using tax gap data to improve tax administration
The ATO Second Commissioner, Jeremy Hirschhorn, recently spoke at a conference that provides some insights into how the ATO will be closing the tax gap. He outlined how the ATO is transforming tax administration by using tax gap data collected. Essentially, the tax...