Latest News
August 2022 Newsletter
In this month’s update:
- ATO focus on rental property income and deductions
- COVID-19 relief for SMSF trustees now at an end
- Wash sale arrangements under scrutiny
- GST Health Check
- YourSuper comparison tool
- Switching home loans
July 2022 Newsletter
In this month's update:
- ATO Prioritising Debt Collection
- Last minute trust distributions and record keeping
- Super guarantee rises to 10.5%
- ATO tax time focus for small business
- Scam myths
- STP year-end finalisations due soon!
- Accessing your super early
June 2022 Newsletter
In this month’s update:
- 30 June Tax Planning
- ATO warning of fake ABN and TFN scams
- Six super strategies to consider before 30 June
- 2022 Election Washup
- Four priorities for the ATO this Tax Time
- Downsizer contributions to SUPER
May 2022 Newsletter
In this month’s update:
- Why super can help save for your retirement
- Further developments on trust distributions
- What you should know about six member SMSFs
- Financing motor vehicles
- Personal Property Securities Register
- HR Manuals
April 2022 Newsletter
In this month’s update:
- FBT year-end checklist
- Record keeping
- ATO’s new crackdown on Discretionary Trusts
- Ridesharing: The Driver
- Salary sacrificing to super
March Budget Update
In this month’s update:
Business
- What’s in it for you and your business?
- 20% Additional Deduction for Skills Training and Digital Adoption
- Apprentice Wage Subsidies Extended
- Reduction in GDP Uplift Factor for PAYG and GST Instalments for 2022/23
- PAYG instalments: Option to Base on Current Financial Performance
- Employee Share Schemes for Unlisted Companies – Thresholds Amended
Individuals
- LMITO Increased
- $250 Cost of Living Payment
- COVID Test Expenses Deductible
- 2022/23 Income Tax Rates Unchanged
- Pension Drawdowns – 50% Reduction Extended to 2022/23
- Super Guarantee Increase to Proceed
- Other July 1 Changes
March 2022 Newsletter
In this month’s update:
- On-boarding new employees
- Paying employees super through a super clearing house
- In-specie super contributions
- Employee allowances
- Cashflow forecasts
- RAT and PCR Tests
February 2022 Newsletter
In this month’s update:
- Single Touch Payroll 2: The time has come
- Consolidate your super
- What does Temporary Full Expensing (TFE) of assets mean for me?
- Topping up your concessional contributions
- Your Business Structure
December 2021 Newsletter
In this month's update:
- Have you obtained your director ID?
- Where there's a will, there's often a dispute
- Superannuation budget measures one step closer
- ATO's ABN cancellation program continues
November 2021 Newsletter
In this month’s update:
- New laws to improve the way super is divided in divorce
- CGT on sales of property inherited by a foreign resident
- CGT retirement exemption where gain is made by a company or trust
- ATO extends COVID-19 relief measures for SMSFs
- Becoming the executor of a deceased estate
October 2021 Newsletter
In this month’s update:
- Compensation payments: Avoiding contribution issues
- Home as a place of business during COVID: CGT implications
- Inheriting rental properties jointly. A dilemma?
- SuperStream deadline fast approaching
- Christmas and the Taxman
September 2021 Newsletter
In this month’s update:
- How to treat work-related travel and living away from home costs
- SMSFs and property development
- Claiming GST credits for employee reimbursements
- Buying a new home before selling the old one: The ins and outs
- Trust distributions to non-residents
- Stapling super: Reducing multiple accounts for employees
August 2021 Newsletter
In this month's update:
- What the new Your Future, Your Super means for you
- Capital works deductions for rental property
- Trust losses: Keeping them in the family
- Trust distributions from a discretionary trust
- Where do reward programs stand in regard to tax?
July 2021 Newsletter
In this month’s update:
- Avoid common mistakes in your business return, and include appropriate income
- Getting deductions for clothing and laundry expenses right
- Steps to take when winding up your SMSF
- When the taxman sends a bill, not a refund
June 2021 Newsletter
In this month’s update:
- The tax treatment of cryptocurrency
- New guidance on “personal services income” rules
- Briefing a barrister
- The ATO’s eligibility requirements of SMSF trustees or directors
May 2021 Newsletter
In this month’s update:
- EOFY tips for your tax plan
- Dealing with excess before-tax super contributions
- The SME Recovery Loan Scheme is now open
- Evidencing SMSF property valuations
- Independent audit review for small businesses
April 2021 Newsletter
In this month’s update:
- Some money is not counted as ‘income’ by the ATO
- New insolvency reforms to support small business
- When is comes to real estate and CGT, look at timing
- Managing you superannuation transfer balance account
- Refinancing loan interest may be deductible to a partnership
March 2021 Newsletter
In this month’s update:
- Update your ABN… or miss out!
- Vehicle benefit FBT treatment changes under COVID-19
- A hand up for small businesses on cash flow
- Unexpected lump sum payment in arrears? There’s a tax offset for that!
- Taken goods for private use? Here’s the latest values
- New Director Identification Number regime may be just around the corner
- The SMSF sector has been growing by $62,400 every minute
February 2021 Newsletter
In this month's update
- JobMaker hiring credit: What you need to know
- Single Touch Payroll. When your reporting can cease
- Getting a tax valuation from the ATO
- Natural disasters and help with your tax
December 2020 Newsletter
In this month’s update:
- A run-down of the new loss carry back measure
- Calling time out on your business? Some essentials you’ll need to know
- Small business CGT concessions: Goal posts moved on vacant land and active assets
- ATO takes aim at ‘you-scratch-my-back’ auditing arrangements
- Claiming interest expenses for rental properties
- What is a recipient crated tax invoice?
November 2020 Newsletter
In this month's update:
- What the "full expensing" write off deduction means for business
- Both tax and SMSF audits on still on ATO's radar, but some leniency given
- ATO's cyber safety checklist
- The investment option that can hide unexpected GST
- Rounding of GST where fractions of a cent result
- JobKeeper extension's alternative turnover tests
October 2020 Newsletter
In this month's update:
- COVID-19 payments and some issues for companies and trusts
- COVID-19 and trust liquidity issues
- Where you stand with vehicles and the boosted instant asset write off
- COVID-19 and SMSF rental relief
In this month's update:
- The JobKeeper scheme gets an update, plus an extension
- Has your super fund got you covered for insurance?
- Early release of super extended
- Rental property: Tax approach adjusts for COVID-19
- Claiming a deduction for transport expenses when carrying bulky equipment
In this month's update:
- Tax Return Tips
- Instant asset write off extended to 31 December
- The realities of insuring against cyber crime
- Remote AGMs and document signing allowed
- Varying PAYG instalments because of COVID-19
In this month's update:
- Last-minute tax planning tactics
- Ex-patriates: Part year resident or non-resident for tax purposes?
- COVID-19 and residential property claims
- Concerns on property development and SMSFs
- Laws on bankruptcy changed to help cope with COVID-19
June 2020 Financial Year Tax Return Checklist
In this month's update:
- 2019/20 Individual Tax Return Checklist
- 2019/20 Year-end Checklist for Business
In this month's update:
- Coronavirus: Government’s JobKeeper Payment
- Shortcut method to claim deductions if working from home
- SMSFs may be able to offer rental relief to related party tenants
- ATO reminder about salary packaged super
April 2020 Newsletter
In this month's update:
- Coronavirus: Government announces new tax measures.
- New laws can make directors personally liable for GST
- New super guarantee amnesty
- New vacant land tax measures
- ATO on property investments
In this month's update:
- Court confirms ATO’s position on foreign income tax offset
- Employer’s requirements and deductibility of WREs
- SMS scam targeting natural disaster victims
- Further STP developments
- Valuing car parking fringe benefits
In this month's update:
- Lifestyle assets continue to be an ATO audit target
- Disclosure of business tax debts - Declaration made
- MYEFO - 2019/20
- The ATO's Bushfire crisis response
In this month's update:
- PAYG and deductions for payments to workers
- ATO November 2019 bushfire assistance
- STP and superannuation guarantee
- SMSs for SMSFs!
- No CGT main residence exemption for non-resident
In this month's update:
- Super Guarantee opt-out for high income earners now law
- Government passes other superannuation legislation
- ATO Recommends updating ABN details for disastrous reasons
- Super Lookup 'status' will change if SMSF annual returns are late
- Reporting asset disposals for CGT
- Taxpayer liable for excess transfer balance tax despite commutations
In this month's update:
- $30,000 instant asset write-off
- ATO impersonation scam update
- Federal Court provides clarification on the PSI rules
- Using the cents per kilometre method
- Deductions for a company or trust home-based business
- Measuring the integrity of the AB
In this month's update:
- “Outrageous” deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- ATO watching for foreign income this Tax Time
- The ATO hits the road
- Motor vehicle registries data matching program protocol
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.