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. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where […]
The ATO Debt Dilemma Read More »
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use.
The Fringe Benefits Tax traps Read More »
As part of the 2021-22 federal budget, the Australian Government announced reforms to the administration of not-for-profit (NFP) entities that self-assess as income tax exempt. The measure is designed to enhance trust and confidence in the sector by ensuring only eligible NFPs access income tax exemptions, and that NFPs operate on a level playing field.
Non-charitable not-for-profits self-review return guide Read More »
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. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more
The Redesigned Stage 3 Personal Income Tax Cuts Read More »
New regulations for incorporated associations in Victoria came into effect on 18 November 2023. These new regulations include updates to the model rules which some incorporated associations have adopted as the rules of their association. Model rules Key changes to the model rules that have come into effect include: Improved dispute resolution processes Updated
New regulations for Incorporated Associations Read More »
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. If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer
Self-education: What can you claim? Read More »
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 draft legislation appears largely unchanged from
30% tax on super earnings above $3m Read More »
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million
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 small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this
$20k deduction for ‘electrifying’ your business Read More »
The ATO has published details of reforms to the administration of not-for-profit (NFP) entities that self-assess as income tax exempt. Information from the ATO website is outlined below: Not for profit reforms On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced reforms to the administration of not-for-profit (NFP) entities
Not-for-profits – enhancing the transparency of income tax exemptions Read More »
