Blog categorized as News Alerts

The ATO has finalised determinations under s 396-55(b)(2) and s 396-70(4) of the Tax Administration Act 1935 on reporting exemptions and exclusions for sharing economy platform operators.

Given the high risk of payroll tax audits across the medical and allied health industry, organisations must understand and adapt to the changing payroll tax landscape.

PCG 2022/1 allows a safe harbour for taxpayers to apply prior year non-commercial loses to reduce other assessable income, otherwise prevented by div 35 of ITAA 1997.

If your medical practice pays contractors, you could be caught by tax laws that deem some contractor payments the same as wages. Talk to us today for guidance on what to include and exclude so you don't get surprised by a state payroll tax audit.

The ATO released draft TR 2023/D2 which provides guidance on whether an asset that is made up of a number of parts or components (composite item) is itself a depreciating asset, or whether one or more of its components are separate depreciating assets.

Wondering about the ATO agent nomination process? If you are an existing client, you may not need to do anything. If you are a new client we'll send you information about the steps required to link to us.

The ATO is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies (CRAs).

Aiming to provide better retirement outcomes for employees, from 1 July 2026, employers will be required to pay their employees super at the same time as their salary and wages.

The ATO has finalised the taxation ruling TR 2023/3, which provides guidance on the deductibility of expenses associated with holding vacant land.

A lodgment reminder pilot program has been announced by the ATO, for 3,000 randomly selected employers - PAYG withholding amounts reported by them via STP will automatically become payable as at due date even if no activity statement is lodged.

Are you looking to purchase assets for your business? Eligible businesses can spend up to $20k per asset and immediately claim the tax deduction and GST. Talk to us about the best strategy for purchasing business assets.

A bill proposing to increase the instant asset write off threshold in Div 328 of ITAA 1997 from $1,000 to $20,000 has been introduced in the Parliament and awaits approval.

The ATO has finalised the luxury car tax (LCT) determination LCTD 2023/1 which provides guidance on determining the principal purpose of a commercial vehicle for LCT purposes.

The small business technology investment boost wrapped up on 30 June 2023. For your 2022–23 tax return, we will be working with you to ensure you get the full bonus deduction that you are entitled to. Work through your next steps here.

Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.

Do you offer your employees benefits in addition to salary and wages? If so, you may need to report FBT. Fringe benefits can help employees reduce their taxable income but you need to take care of the admin. Get in contact to learn more.

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

Recent updates have been announced to the non-arm's length income (NALI) provisions applying to SMSFs.

Get set for a minimum wage increase effective July 2023

Lump sum payments in arrears may get an exemption from Medicare levy in limited situations.