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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Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year.

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The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details.

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Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm.

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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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Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable.

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The politicians have weighed in on the Reserve Bank of Australia’s economic policy and their reticence to reduce interest rates in the face of community pressure. We look at what the numbers are really showing.

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You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you.

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Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.

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Taxpayers need to consider what work-related expenses they will be looking to claim in the new financial year, and what records they will need to substantiate those deductions.

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The Administrative Appeals Tribunal ('AAT') recently affirmed the ATO's decision to impose shortfall penalties on a taxpayer who had lodged false amended income tax returns.

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GST classification errors can lead to significant under-reporting of GST for some taxpayers.

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Additional tax liabilities may arise when money or assets of a foreign trust are paid to a taxpayer or applied for their benefit, and they are a beneficiary of the foreign trust.

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The ATO is reminding investors who purchased new shares in a qualifying 'early stage innovation company' ('ESIC') that they may be eligible for tax incentives.

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With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the 'green light' to lodge their tax returns.

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Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.

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ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year.

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The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.

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The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.

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Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.

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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.

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

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

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

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

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

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

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

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

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

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

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

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The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

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For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.

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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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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.

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The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.

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The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.

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From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.

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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.

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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.

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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.

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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).

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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.

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Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year.

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The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.

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The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.

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