ATO Assistant Commissioner releases “report card” on SMSF sector The Tax Office is currently homing in on a few problem areas when it comes to the SMSF sector by: engaging with new trustees to ensure they can operate their SMSF…
Tax Office reviewing dependant tax offset claims The Tax Office has stopped all tax returns with a Dependant (Invalid and Carer) Tax Offset claim and is reviewing them, following an unexpected upsurge in the number of individuals that have made…
Has the ATO made a wrong call on your tax assessment? Here’s what to do If you believe your tax assessment is incorrect, the first step should be to go over your tax return or activity statement to check details…
Did you know that on average, Australians have about three superannuation accounts, and often have no knowledge of where superannuation accounts started years ago are located? According to research conducted by The Financial Services Council and investment management technology provider…
Investing for growth, or investing for income? Every investor goes in with dreams of a pot of gold, but there is a fundamental dichotomy of investor types – one looks to line their pockets with investment returns along the way,…
With the year steadily making its way towards the festive period, businesses that are turning their attention to end-of-year celebrations will need to keep in mind the tax implications of throwing a Christmas party or handing over gifts to staff.…
Five tips to avoid common fuel tax credit mistakes The Tax Office has issued advice regarding fuel tax credits after it noticed some errors creeping into recent activity statements — also reminding businesses that rates can change regularly (and have…
Carry-forward tax losses Got a carry-forward tax loss burning a hole in your business’s pocket? Don’t get too creative if you’ve thought how handy it would be to absorb that loss as a tax deduction for a future income year.…
What you need to know about volunteering & tax The worryingly early start to Australia’s bushfire season in New South Wales means scores of local volunteers are standing on the frontline, battling and protecting residents from the devastating fires. This…
Christmas cheer – with no FBT fear With the year steadily making its way towards the festive period, businesses that are turning their attention to end-of-year celebrations will need to keep in mind the tax implications of throwing a Christmas…