Tax Compliance 2 - Indepth Accounting

Atop a shuffled stack of financial papers sits a calculator, pair of eyeglasses, group of multicoloured paper clips, and small wooden tiles that spells out the word "Asset."

$20k instant asset write-off passes Parliament

Business Advisory, Tax Compliance / By Indepth Accounting

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.

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Earned an income from the sharing economy?

Tax Compliance / By Indepth Accounting

From 1 July 2023, sharing economy platforms for ride-sourcing, taxi travel, and short-term accommodation must report transactions to the ATO. This marks the first year the ATO will match income tax returns with this data. Other platforms will start reporting from 1 July 2024. Failing to declare income from these sources could trigger a compliance inquiry from the ATO. It’s crucial to accurately report all earnings from sharing economy activities to avoid potential penalties.

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Is your family home really tax free?

Tax Compliance / By Indepth Accounting

The main residence exemption can exempt your family home from capital gains tax (CGT) upon sale, but the rules are complex. Eligibility requires the home to be your main residence, with specific conditions around living arrangements, use of the property, and tax residency status. Partial exemptions may apply if the home was used to generate income. Special rules cover scenarios such as moving out, foreign residency, and changes in ownership. Understanding these nuances is essential for effective tax planning.

What’s Changing on 1 July 2024?

Blog, Tax Compliance / By Indepth Accounting

There are changes to the tax rates coming on 1 July 2024. Here’s a snapshot of what to expect.

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ATO Fires Warning Shot on Trust Distributions

Blog, Tax Compliance / By Indepth Accounting

The ATO is intensifying its scrutiny on how trusts distribute income. Trustees must carefully review trust deeds, ensure compliance with distribution requirements, and understand the implications of family trust elections. Changes in tax return reporting now require detailed information on trust income distributions. It’s crucial for trustees to get it right to avoid significant tax ramifications. Learn how to navigate these complexities and ensure your trust distributions are compliant.

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The Essential 30 June Guide

Blog, Business Advisory, Tax Compliance / By Indepth Accounting

Prepare for the end of the financial year with our essential guide. Learn how to maximize deductions, make strategic superannuation contributions, navigate work from home expenses, and understand the ATO’s areas of scrutiny. Ensure your tax returns are accurate and beneficial.

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Should you be the “Bank of Mum & Dad?”

Blog, Tax Compliance / By Indepth Accounting

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,200. With the target cash rate …

Should you be the “Bank of Mum & Dad?” Read More »

Company Money Crackdown

Blog, Tax Compliance / By Indepth Accounting

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The Assault on Professional Services Practices

Blog, Tax Compliance / By Indepth Accounting

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms – lawyers, accountants, architects, medical practices, engineers, architects, etc. – are appropriately taxed. In both …

The Assault on Professional Services Practices Read More »

In the center of the page, there is a circle made up of dots and arrows, reminiscent of a compass. In the middle of the compass is a graphic of a bag with a dollar sign on the outside. The numbers 2024 and 2025 are on either side of the circle.

Budget 2024-25

Blog, Tax Compliance / By Indepth Accounting

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible …

Budget 2024-25 Read More »

$20k instant asset write-off passes Parliament

Is your family home really tax free?

What’s Changing on 1 July 2024?

ATO Fires Warning Shot on Trust Distributions

The Essential 30 June Guide

Should you be the “Bank of Mum & Dad?”

Company Money Crackdown

The Assault on Professional Services Practices

Budget 2024-25

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