Christmas and New Year Office ClosureOur office will close at 5.00pm Tuesday 19th December 2023 and re-open at 8.30am Monday 8th January 2024. For any URGENT matters, please contact Craig ATO’s lodgment penalty amnesty is about to endThe ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken […]

Taxpayers need to get their ‘rental right’ The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other […]

2023/24 Budget Update   On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. READ MORE HERE

The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). READ MORE HERE

ATO warning to SMSFs: “Paying the price for non-compliance”There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties. READ MORE HERE

Director ID deadline is approachingThe Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever.  Director IDs are administered by the Australian Business […]

Queensland Land Tax Back Flip “Last month’s issue we made you aware of the Queensland Government law change, allowing them to increase the Land Tax payable on Land Held in Queensland by using the value of Land Held in other States in calculating the amount payable.The Queensland Government has recently announced they are abolishing this […]

More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: 1.     the payment is received under a grant program that is formally declared to […]

ATO’s small business focus for 2022 income year The ATO announced that it will be focusing on the following matters for small business tax returns for the 2021/22 year:  Deductions that are private in nature and not related to business income, as well as over claiming of business expenses (especially for taxpayers running a home-based […]

ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022:    Record-keeping.    Work-related expenses.    Rental property income and deductions.    Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure:  they spent […]