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The controversial case of the taxpayer who claimed a loss on their home
By WSCAdmin | Created on December 8, 2023
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Bah humbug: The Christmas tax dilemma
By WSCAdmin | Created on December 8, 2023
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
Tax on super balances above $3m hits Parliament
By WSCAdmin | Created on December 8, 2023
Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.
Notice of officeholder data-matching program
By WSCAdmin | Created on December 4, 2023
The ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years.
ATO warning regarding prohibited SMSF loans
By WSCAdmin | Created on December 4, 2023
Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports.
Reminder of December 2023 Quarter Superannuation Guarantee ('SG')
By WSCAdmin | Created on December 4, 2023
Employers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024.
Don't forget the two further 'boosts'!
By WSCAdmin | Created on December 4, 2023
It is important to remember that there are two further 'boosts' providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024.
Claiming deductions in relation to a holiday home
By WSCAdmin | Created on December 4, 2023
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.
ATO's lodgment penalty amnesty is about to end
By WSCAdmin | Created on December 4, 2023
The ATO is remitting failure to lodge penalties for eligible small businesses.
When trust distributions to a company are left unpaid
By WSCAdmin | Created on November 8, 2023
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
Warning: Redrawing investment loans
By WSCAdmin | Created on November 8, 2023
The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue.
When is food GST-free?
By WSCAdmin | Created on November 8, 2023
Chobani plain yoghurt is GST-free, but Chobani’s ‘flip’ range is taxable?
Up to 10 years in prison for deliberate ‘wage theft’
By WSCAdmin | Created on November 8, 2023
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”.
Workers owed $3.6bn in super guarantee
By WSCAdmin | Created on November 8, 2023
Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.
30% tax on super earnings on balances above $3 million
By WSCAdmin | Created on November 8, 2023
Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.
Fixed-term employment contracts limited to 2 years
By WSCAdmin | Created on November 8, 2023
From 6 December 2023, employers can no longer employ an employee on a fixed-term contract.
ATO says: "Be cyber wise, don't compromise"
By WSC Group | Created on November 2, 2023
The ATO encourages taxpayers to implement the following four quick steps to protect themselves.
Losses in crypto investments for SMSFs
By WSC Group | Created on November 2, 2023
Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments.
Care required in paying super benefits
By WSC Group | Created on November 2, 2023
Benefit payments to members who have not met a condition of release are not treated as super benefits.
Tax issues for businesses that have received a support payment
By WSC Group | Created on November 2, 2023
Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income.
Notice of visa data-matching program
By WSC Group | Created on November 2, 2023
The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years.
$20k deduction for ‘electrifying’ your business
By WSCAdmin | Created on October 5, 2023
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction!
30% tax on super earnings above $3m
By WSCAdmin | Created on October 5, 2023
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.
The ‘Airbnb’ Tax
By WSCAdmin | Created on October 5, 2023
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
Self-education, What can you claim?
By WSCAdmin | Created on October 5, 2023
The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.
Mildura man jailed for seven years for GST fraud
By WSC Group | Created on September 30, 2023
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more than $830,000 in fraudulent GST refunds.
Taxpayers need to get their 'rental right'
By WSC Group | Created on September 30, 2023
The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.
Remember the unused concessional contributions cap concession
By WSC Group | Created on September 30, 2023
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap.
Choosing the right PAYG instalment method
By WSC Group | Created on September 30, 2023
The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method.
Deduction for contributions denied due to notice requirement problems
By WSC Group | Created on September 30, 2023
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied.
