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…

25 May, 2023

Work from home expenses: New Rate

From the 2022-23 income year, taxpayers can no longer rely on the 80c per hour shortcut method with the introduction of the revised fixed-rate method for calculating the work-related additional…

19 May, 2023

2023 Federal Budget – What’s in it for small businesses

The 2023 Budget has been handed down by Treasurer Jim Chalmers. In addition to the cost-of-living and welfare measures leaked ahead of the Budget, the government also released new measures relating…