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ATO's tips for correctly claiming deductions for rental properties
By WSC Group | Created on August 2, 2024
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.
Notice of online selling data matching program
By WSC Group | Created on August 2, 2024
The ATO will acquire Australian sales data from online selling platforms for the 2024 to 2026 income years, including full names, dates of birth, addresses, emails, business names, ABNs, contact phone numbers, and account details.
Small business energy incentive available for the 2024 income year
By WSC Group | Created on August 2, 2024
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.
Importance of good record keeping when claiming work-related expenses
By WSC Group | Created on August 2, 2024
The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed.
SMSFs acquiring assets from related parties
By WSC Group | Created on August 2, 2024
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
Federal Court overturns AAT's tax resident decision
By WSC Group | Created on August 2, 2024
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).
Notice of Medicare levy exemption data-matching program
By WSC Group | Created on July 2, 2024
The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years.
New lodgement obligation for income tax exempt organisations
By WSC Group | Created on July 2, 2024
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.
ATO's 'main residence exemption tips'
By WSC Group | Created on July 2, 2024
The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property, they have lived in.
ATO may cancel inactive ABNs
By WSC Group | Created on July 2, 2024
The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers ('ABNs').
Taxpayers able to apply CGT small business concessions
By WSC Group | Created on July 2, 2024
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.
Family trust elections and interposed entity elections
By WSC Group | Created on July 2, 2024
Family trust distribution tax ('FTDT') is a special, 47%, tax sometimes payable by a trustee, director or partner.
$20k instant asset write-off passes Parliament
By WSC Group | Created on July 2, 2024
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.
What’s ahead for 2024-25?
By WSC Group | Created on July 2, 2024
Will 2024-25 be another year of volatility or a return to stability?
Earned an income from the sharing economy?
By WSC Group | Created on July 2, 2024
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
Is your family home really tax free?
By WSC Group | Created on July 2, 2024
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.
What’s changing on 1 July 2024?
By WSC Group | Created on June 6, 2024
A summary of the key changes coming into effect on 1 July 2024
5 million+ struggle with mortgage payments
By WSC Group | Created on June 6, 2024
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.
ATO fires warning shot on trust distributions
By WSC Group | Created on June 6, 2024
The ATO has warned that it is looking closely at how trusts distribute income and to who.
The essential 30 June guide
By WSC Group | Created on June 6, 2024
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.
NFPs need to get ready for new return
By WSC Group | Created on May 3, 2024
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.
Taxpayer unsuccessful in having excess contributions reallocated
By WSC Group | Created on May 3, 2024
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.
Illegal early access to super
By WSC Group | Created on May 3, 2024
Faced with tough times, some people may be thinking about accessing their super early.
What to know about disaster relief payments
By WSC Group | Created on May 3, 2024
Taxpayers should be aware that some natural disaster relief payments are not taxable.
Government warns of 'malicious' myGov scammers
By WSC Group | Created on May 3, 2024
The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.
ATO issues warning about false invoicing arrangements
By WSC Group | Created on May 3, 2024
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.
Company money crackdown
By WSC Group | Created on May 1, 2024
The ATO is cracking down on business owners who take money or use company resources for themselves.
Do your kids really want to take over your business?
By WSC Group | Created on May 1, 2024
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.
Should you be the ‘bank of Mum & Dad’?
By WSC Group | Created on May 1, 2024
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
Accessing money in your SMSF
By WSC Group | Created on May 1, 2024
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).
The assault on professional services
By WSC Group | Created on April 10, 2024
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.
Warning on SMSF asset valuations
By WSC Group | Created on April 10, 2024
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
Budget 2024-25
By WSC Group | Created on April 10, 2024
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.
Non-compete clauses and worker restraints under review
By WSC Group | Created on April 10, 2024
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.
How much is my business worth?
By WSC Group | Created on April 10, 2024
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
The Fringe Benefit Tax traps
By WSCAdmin | Created on March 8, 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
The ATO Debt Dilemma
By WSCAdmin | Created on March 8, 2024
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt.
How to take advantage of the 1 July super cap increase
By WSCAdmin | Created on March 8, 2024
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
Revised stage 3 tax cuts confirmed for 1 July
By WSCAdmin | Created on March 8, 2024
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Getting back what you put in: Loans to get a business started
By WSCAdmin | Created on March 8, 2024
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own.
Jail sentence for fraudulent developer
By WSCAdmin | Created on March 5, 2024
A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months.
Penalties soon to apply for overdue TPARs
By WSCAdmin | Created on March 5, 2024
Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.
Super contribution caps to rise
By WSCAdmin | Created on March 5, 2024
The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.
Avoiding common Division 7A errors
By WSCAdmin | Created on March 5, 2024
Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their 'Division 7A' obligations).
FBT time is fast approaching!
By WSCAdmin | Created on March 5, 2024
The ATO has advised employers that 'FBT time' is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations.
Small business concessions
By WSCAdmin | Created on March 5, 2024
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.
Deductions denied for work-related expenses
By WSCAdmin | Created on February 2, 2024
The Administrative Appeals Tribunal ('AAT') recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied.
New ATO guidance on "who is an employee?"
By WSCAdmin | Created on February 2, 2024
The ATO recently issued a ruling which explains when an individual is an 'employee' of an entity for pay as you go ('PAYG') withholding purposes.
Government announces changes to proposed 'Stage 3' tax cuts
By WSCAdmin | Created on February 2, 2024
Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024.
Changes in reporting requirements for sporting clubs
By WSCAdmin | Created on February 2, 2024
Not-for-profits ('NFPs'), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption.
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.
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.
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.
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 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.
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.
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.
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.
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'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.
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.
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.
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?
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 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?
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”.
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.
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.
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.
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.
