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Penalties soon to apply for overdue TPARs

By WSCAdmin | Created on March 5, 2024

Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.

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Jail sentence for fraudulent developer

By WSCAdmin | Created on March 5, 2024

A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months.

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FBT time is fast approaching!

By WSCAdmin | Created on March 5, 2024

The ATO has advised employers that 'FBT time' is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations.

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Small business concessions

By WSCAdmin | Created on March 5, 2024

The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.

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Super contribution caps to rise

By WSCAdmin | Created on March 5, 2024

The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.

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Avoiding common Division 7A errors

By WSCAdmin | Created on March 5, 2024

Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their 'Division 7A' obligations).

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Sale of land subject to GST

By WSCAdmin | Created on February 2, 2024

The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer.

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Deductions denied for work-related expenses

By WSCAdmin | Created on February 2, 2024

The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied.

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Changes in reporting requirements for sporting clubs

By WSCAdmin | Created on February 2, 2024

Not-for-profits ('NFPs'), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption.

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New ATO guidance on "who is an employee?"

By WSCAdmin | Created on February 2, 2024

The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes.

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