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ATO debunks Division 7A 'myths'
By WSC Group | Created on February 12, 2025
Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free.
When to lodge SMSF annual returns
By WSC Group | Created on February 5, 2025
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
Study/training loans — What's new
By WSC Group | Created on February 5, 2025
The indexation rate for study and training loans is now based on the Consumer Price Index ('CPI') or Wage Price Index — whichever is lower.
TO debunks Division 7A 'myths'
By WSC Group | Created on February 5, 2025
Editor: The ATO has recently published a document 'debunking' various Division 7A 'myths'.
CGT withholding measures now law
By WSC Group | Created on February 5, 2025
The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes).
$13.6m in penalties imposed for false R&D claims
By WSC Group | Created on February 5, 2025
A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development ('R&D') tax incentive claims.
ATO's notice of rental bond data-matching program
By WSC Group | Created on February 5, 2025
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.
Tax deduction denied for signature basketball shoe R&D
By WSC Group | Created on December 12, 2024
The Federal Court has denied a sports company’s appeal to claim research & development incentives for the creation of an Australian signature basketball shoe.
Tax and Tinsel Q&As
By WSC Group | Created on December 12, 2024
Can you avoid giving the Australian Tax Office a gift this Christmas?
What’s ahead in 2025?
By WSC Group | Created on December 12, 2024
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges.
Phasing out cheques
By WSC Group | Created on December 12, 2024
The Government has announced a transition plan to phase out the use of cheques. Under the plan, cheques will stop being issued by 30 June 2028 and stop being accepted on 30 September 2029.
SMSFs cannot be used for Christmas presents!
By WSC Group | Created on December 5, 2024
There are very limited circumstances where taxpayers can legally access their super early, and the ATO is reminding taxpayers that 'paying bills and buying Christmas presents doesn't make the list.'
Christmas Parties & Gifts 2024
By WSC Group | Created on December 5, 2024
Year-end (and other) staff parties
ATO reminder about family trust elections
By WSC Group | Created on December 5, 2024
Taxpayers may be considering whether they should make a family trust election ('FTE') for a trust, or an interposed entity election ('IEE') for a trust or other entity.
Can staff celebrations attract FBT?
By WSC Group | Created on December 5, 2024
With the holiday season coming up, employers may be planning to celebrate with their employees.
