Can you avoid giving the Australian Tax Office a gift this Christmas? The top Christmas party questions What can I do to make the staff Christmas party tax deductible or tax-free? Not have one? Ok, seriously, it’s likely that you will pay tax one way or another; it’s just a question of how. If you …
Payday super: the details ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead …
Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property. Beyond the difficult task of dividing up your assets and determining who should get …
Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable. The Payroll Tax Act 2007 (NSW) imposes the tax on all taxable wages paid or payable by an employer. The …
Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold …
Property and ‘lifestyle’ assets in the spotlight Read More »
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax scam, …
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank deposits, …
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in …
The changes to how tax practitioners work with clients Read More »
As 2024-25 approaches, questions arise about whether the year will bring continued volatility or a return to stability. Key changes include the introduction of personal income tax cuts and an increase in the superannuation guarantee rate. Employers must update payroll systems to reflect these changes and remain vigilant about super guarantee obligations. Wage growth shows signs of evening out, while interest rates remain a tool for controlling inflation. Business confidence has dipped, but strong labour market conditions persist. Migration trends highlight the ongoing impact on Australia’s economy, with a focus on skilled migration. Businesses must strategically manage cash flow, costs, and pricing to thrive in this evolving landscape.
Legislation raising the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year has passed Parliament. Small businesses can now write off the full cost of depreciable assets under $20,000 purchased between 1 July 2023 and 30 June 2024 in the year of purchase, providing a significant cash flow advantage. Assets must be used or installed by the end of June 2024 to qualify. The threshold applies per asset, allowing multiple deductions. A proposal to extend this threshold increase to 30 June 2025 is under consideration.
