Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive.

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SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is

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The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed.

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The Federal Court has recently overturned an Administrative Appeals Tribunal ('AAT') decision that a taxpayer was a resident of Australia for tax purposes (even though he was mostly living and working overseas during the relevant period).

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The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property, they have lived in.

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Family trust distribution tax ('FTDT') is a special, 47%, tax sometimes payable by a trustee, director or partner.

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The Administrative Appeals Tribunal ('AAT') recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil.

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The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years.

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The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers ('ABNs').

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Non-charitable not-for-profits ('NFPs') with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to notify their eligibility for income tax exemption.

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The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.

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It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

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Will 2024-25 be another year of volatility or a return to stability?

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Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

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New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

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The ATO has warned that it is looking closely at how trusts distribute income and to who.

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The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

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A summary of the key changes coming into effect on 1 July 2024

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The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer.

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The Serious Financial Crime Taskforce ('SFCT') is warning businesses about using illegal financial arrangements such as 'false invoicing' to cheat the tax and super systems.

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From 1 July 2024, non-charitable not-for-profits ('NFPs') with an active Australian Business Number ('ABN') will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status.

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The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.

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Faced with tough times, some people may be thinking about accessing their super early.

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Taxpayers should be aware that some natural disaster relief payments are not taxable.

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Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.

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The ATO is cracking down on business owners who take money or use company resources for themselves.

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The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).

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The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.

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The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

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A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.

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