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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.
Stage 3 personal income tax cuts redesigned
By WSCAdmin | Created on January 31, 2024
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Contractor or employee?
By WSCAdmin | Created on January 31, 2024
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.
Can my SMSF invest in property development?
By WSCAdmin | Created on January 31, 2024
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development.
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.
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.
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.
The key influences of 2024
By WSCAdmin | Created on December 8, 2023
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.
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.
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.
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.
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?
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.
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.
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.
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?
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.
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”.
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.
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.
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.
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.
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.
$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!
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.
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.
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.
