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.

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Editor: The ATO has recently published a document 'debunking' various Division 7A 'myths'.

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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.

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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.

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Can you avoid giving the Australian Tax Office a gift this Christmas?

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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.

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The Federal Court has denied a sports company’s appeal to claim research & development incentives for the creation of an Australian signature basketball shoe.

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Employers are reminded that employee superannuation contributions for the quarter ending 31 December 2024 must be received by the relevant super funds by 28 January 2025.

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With the holiday season coming up, employers may be planning to celebrate with their employees.

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In a recent decision, the AAT rejected in full a taxpayer's claims for 'several classes or categories of deductions.'

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Year-end (and other) staff parties

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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.'

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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.

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While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen.

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Australian voters tend to reject US style education favouring more egalitarian systems where income does not determine access.

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The Fair Work Commission has determined that a Philippines based “independent contractor” was an employee unfairly dismissed by her Australian employer.

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The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility.

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The ATO is reminding taxpayers that it is important to lodge BASs and pay in full and on time to avoid penalties and interest charges

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The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years

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As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations

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The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice.

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In a recent decision, a taxpayer's claims for various work-related expenses were rejected by the AAT.

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The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018.

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From 1 April 2025, a plug-in hybrid electric vehicle ('PHEV') will not be considered a zero or low emissions vehicle under fringe benefits tax ('FBT') law and will not be eligible for the electric car FBT exemption.

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If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).

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The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal.

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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.

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‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers.

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The digital identity app 'myGovID' will soon be changing its name to 'myID'. While the name is changing, the login and security will not change.

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Employers are reminded that employee super contributions for the 1 July 2024 to 30 September 2024 quarter must be received by the relevant super funds by 28 October 2024 in order to avoid being liable to pay the SG charge.

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