The ATO is currently focusing on the following ‘specific risk areas’, where it is concerned “small businesses are getting it wrong”: n Contractors omitting income — with a focus on data matching to ensure all income is reported. n Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small […]
As the Not-for-profit (‘NFP’) self-review return is due in March, the ATO has recently published a document ‘busting’ various NFP ‘myths’. Myth 1: All NFPs are income tax exempt. ATO response: This is not true. Some NFPs are income tax exempt and some are taxable. Myth 2: There is only one way to lodge the […]
Fuel tax credits changed on 3 February, and taxpayers could receive more savings for fuel they have acquired on and from this date. Different rates apply based on the type of fuel, when it was acquired and what activity it is used for. The ATO has the following tips for taxpayers to ensure they are […]
The ATO has the following tips to help taxpayers get their BAS right before they lodge: q They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields. q If lodging online, or through a registered tax or BAS agent, they may be able to get […]
Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. n They should identify if they have provided a fringe benefit. If they have, they should determine […]
All trustees of SMSFs with assets (including super contributions or any other investments) as of 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year. The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory […]
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. […]
The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details. The objectives of this program are to (among other things) identify and educate individuals and businesses who […]
Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free. A payment or other benefit provided by a private company to a shareholder or their associate can be treated as a dividend for income tax purposes under Division 7A, even if the participants […]
The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not have a valid ‘clearance certificate’ […]