20 Sep, 2023

Tax Rates & Offsets for 2023-24 and beyond

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…

8 Sep, 2023

Cheaper Childcare on the Horizon

Families struggling with the current cost of living crisis could soon have some relief with cheaper childcare coming mid-year after the government passed child care subsidy reforms. This was a component…

21 Aug, 2023

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…

6 Aug, 2023

Director Penalties

What is a director penalty? A company director becomes personally liable for the company’s unpaid amounts of: pay as you go withholding (PAYGW); goods and services tax (GST); and super…

27 Jul, 2023

Home charging rate for EV’s Released

The ATO has released a draft compliance guideline which contains the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s…

17 Jul, 2023

FBT – Electric Cars Exemption

For the 2022-23 FBT year (1 April 2022 to 31 March 2023), your business may be able to receive an FBT exemption for certain eligible electric cars and associated car expenses…

6 Jul, 2023

ATO SMSF Focus Areas for 2023

In a recent speech, Justin Micale, ATO Assistant Commissioner of Self Managed Super Funds Risk and Strategy area outlined the risks on ATO’s radar in the SMSF space and provided…

28 Jun, 2023

ATO’s new approach to UPEs and Sub-Trusts

The ATO has recently finalised the long-awaited Determination on its approach to the application of deemed dividend rules in Div 7A where a private company beneficiary is made presently entitled to…

16 Jun, 2023

Super Tax Concession Changes – Consultation

The government has released a consultation paper on the application of the proposed reduction in super tax concessions for individuals with super balances over $3m, including those with SMSFs. Among other…

2 Jun, 2023

Employers to pay super at same time as wages

With the 2023 Federal Budget fast approaching, the government has been selectively releasing various measures ahead of time. Two particular announcements set to affect businesses consist of payday super and the…