ATO’s new approach to holiday home expenses
The ATO has announced that it will take a somewhat different approach in relation to expenses that are claimed in relation to holiday homes. Broadly, the ATO now takes the view that, if a taxpayer’s rental property is also their holiday home, certain deductions relating to holding it will be completely denied (rather than being […]
Why flexible working is the new normal
“Gone are the days when flexible work was a perk. Whether it’s hybrid roles, remote options, or custom hours, flexibility has become a baseline expectation.” – Recruitment Trends for SMEs by Onside. The pandemic may have introduced us to the idea of working from home, but the ability to flex where we work from is […]
Getting late payments under control
“63% of Australian businesses say they are losing money – some even reporting estimated losses of over $10,000 per month on average – to late payments.”Pursuing Payments 2025 report, GoCardless This recent report from the bank payment provider, GoCardless, shows just how challenging late payments can be for Australian small businesses. “68% of all respondents […]
5 challenges for small business – and how to beat them!
Starting, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to […]
How an accountant supports your business: 5 key areas of focus
Your accountant just does your annual accounts and tax return, right? Wrong! A good accountant is in touch with you and your business throughout the financial year, checking in, finding out where they can help and offering solid, practical advice. Here are five areas of your financial management where talking regularly to your accountant is […]
Your 101 guide to Environmental, Social and Governance (ESG)
Whatever kind of business you own and run, your operations will have some form of environmental and social impact on the land and communities around you. Being a good business owner means being aware of this impact and putting structures in place to minimise the negative outcomes. This is where Environmental, Social and Governance (ESG) […]
GST held to apply to sales of subdivided lots
The Administrative Review Tribunal (‘ART’) recently held that some sales of subdivided farmland were subject to GST as they were made by the taxpayer in the course of carrying on an enterprise. The taxpayer owned farmland near Adelaide. He entered into an agreement with a developer, under which the developer sought rezoning and development approvals, […]
SMSF non-compliance with release authorities
Release authorities are documents issued by the ATO to super funds, authorising the release of money from a member’s super account to pay specific liabilities, including in relation to excess concessional contributions, excess non-concessional contributions, and Division 293 tax assessments. The ATO is seeing a rise in SMSFs that receive a release authority and are […]
New ATO Data-Matching Programs
The ATO acquires and uses data for pre-filling, detecting dishonest or fraudulent behaviour, and identifying areas where it can educate taxpayers to help them understand their tax obligations. When data does not match, the ATO may contact tax agents and their clients to find out why. Rental Income Data-Matching Over the coming months, the ATO […]
ATO’s focus on small business
The ATO is ‘detecting and addressing’ recurring errors in specific industries when businesses have a turnover between $1 million and $10 million. These industries include property and construction (including builders, contractors and tradies), and professional, scientific and technical services (including engineering, design, IT and consulting professionals). In these industries, the ATO continues to see recurring […]