You will need to lodge a TPAR if your business made payments in the last financial year (ie the one ending 30 June 2023) to contractors providing the following services: building and construction;...
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Blog
More ATO data matching for 2023 tax time
Taxpayers beware, this tax time, the ATO will be using all its data matching capabilities in multiple areas to ensure that individuals are paying the correct amount of tax. In addition to the...
Reporting changes coming for the Not-for-Profits sector
A significant change is coming in terms of administration of the not-for-profits sector, in that for the 2023-24 income year and onwards, non-charitable NFPs that self-assess as income tax exempt...
Small business lodgment amnesty reminder
The ATO has reminded eligible small business taxpayers to take advantage of the lodgment penalty amnesty program announced in the recent 2023-24 Federal Budget. It applies to tax obligations...
Beware of scams this tax time
In a sign of just how bad scams have gotten, the Assistant Treasurer and Minister for Financial Services, Stephen Jones, has issued a warning for Australians to beware of scams that are circulating...
STP Phase 2: avoid common mistakes
Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO through the use of STP-enabled software solutions. STP Phase 2 is now in full...
Stage 3 tax cuts: rates and offsets
Despite the calls to scrap the already legislated stage 3 tax cuts, the government did not announce any changes in the recent Budget, which means the tax cuts are still set to commence from 1 July...
ATO targets: tax time 2023
With the end of financial year fast approaching, the ATO has again released the areas it will be focusing on in tax time 2023. As with previous years, it will be prioritising areas where the most...
Budget 2023: What’s in it for me
On Tuesday, 9 May 2023, Treasurer Jim Chalmers handed down the 2023–2024 Federal Budget, his second Budget, which follows the October 2022 Budget. The Treasurer announced a package of cost-of-living...
Non-deductible threshold is removed for self-education
The government has reintroduced and passed a raft of measures that faced an uncertain fate when the House of Representatives was dissolved and the Senate prorogued due to the calling of the Federal Election earlier this year. One of these measures that have recently...
Tax implications of deferred rent
If you run a business from rented premises, there may be tax consequences when rent is either waived, deferred or varied under commercial terms due to various circumstances. The tax consequences differ depending on whether the waiver, release or variation is for a...
Market valuation for tax purposes
The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what...
ATO warns against asset wash sales
With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume normal compliance activity levels. One of the many areas it will be paying close attention to this tax time is asset wash sales which may...
Professional firm profit allocations: ATO view
If you run a professional services firm there are many tax issues to consider in the allocation of profits. The ATO is particularly concerned about individual professionals with an ownership interest who redirect their income to an associated entity, such as a trust,...
Foreign investors and residential property
With the government encouraging the return of foreign investors to Australia and the gradual reopening of international borders, many foreign workers and investors may soon be making their way onto Australian shores. One of the main things they may be considering is...
Are cryptocurrency losses from scams deductible?
With the recent collapse of a second Australian cryptocurrency exchange in as many months, along with persistent reports of a range of sophisticated cryptocurrency scams targeting Australians, many cryptocurrency owners are asking if you lose money in a scam can you...