ATO Rules

Blog tagged as ATO Rules

Government superannuation contributions to be added to paid parental leave   

In an initiative to promote women’s economic equality, the Labor government has announced plans to pay superannuation on paid parental leave (PPL) for government-funded payments from 1 July 2025.

RBizz Team

06/04/2024 03:09 PM - Comment(s)

Your guide to claiming working from home expenses for 2023–24 income year

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction.

RBizz Team

28/03/2024 02:52 PM - Comment(s)

FBT record-keeping simplification - determinations finalised

As per amended legislation, from 1 April 2024, the Commissioner will allow utilising adequate alternative records holding all the prescribed information, instead of statutory evidentiary documents for FBT record keeping purposes.

RBizz Team

24/03/2024 05:51 PM - Comment(s)

Tax deductions to be denied for interest charged by the ATO

The Federal Government announced in the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO) that amendments will be introduced to deny deductions for ATO interest charges, incurred on or after 1 July 2025.

RBizz Team

23/01/2024 03:15 PM - Comment(s)

Changes proposed for DGR status and charitable giving rules

The Productivity Commission released a draft report reviewing philanthropic giving in Australia and recommending various reforms

RBizz Team

19/01/2024 02:34 PM - Comment(s)

R&D tax incentive claims — ATO flags questionable arrangements

The ATO has released 2 taxpayer alerts flagging incorrect R&D tax offset claims where expenditure is incurred by associated entities or activities are conducted overseas for foreign related entities.

RBizz Team

15/01/2024 09:33 PM - Comment(s)

ATO guidance on employee vs contractor debate updated

Updated ATO guidance means you need to understand whether your contract for services are to an employee or an independent contractor. Getting it right can save you significant hassles and penalties.

RBizz Team

05/01/2024 01:47 PM - Comment(s)

Large superannuation balances will have tax concession removed

The federal government has tabled draft legislation to change tax concessional treatment of very large super account balances from 1 July 2025. Individuals with over $3 million in super will be affected.

RBizz Team

04/01/2024 10:40 PM - Comment(s)

Sharing economy reporting regime - ATO finalises exemptions

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.

RBizz Team

15/12/2023 03:58 PM - Comment(s)

Safe harbour for applying prior year deferred losses extended

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.

RBizz Team

24/11/2023 11:07 PM - Comment(s)

Contractor Rules for Medical and Allied Health Practices and Payroll Tax

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.

RBizz Team

20/11/2023 02:13 PM - Comment(s)

Indentify the relevant depreciating asset - ATO's guidance on composite items

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.

RBizz Team

16/11/2023 04:05 PM - Comment(s)

The ATO agent nomination process

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.

RBizz Team

30/10/2023 04:15 PM - Comment(s)

Outstanding tax debts? ATO warns about disclosure to CRAs

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

RBizz Team

18/10/2023 03:26 PM - Comment(s)

Payday super to change how businesses pay their super

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.

RBizz Team

16/10/2023 05:31 PM - Comment(s)

ATO finalises guidance on the deductibility of costs relating to holding vacant land

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

RBizz Team

29/09/2023 03:36 PM - Comment(s)

Your business may be selected for ATO’s PAYG withholding compliance test

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.

RBizz Team

25/09/2023 06:43 PM - Comment(s)

Small Business Instant Asset Write-Off This Financial Year

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.

RBizz Team

30/08/2023 01:37 PM - Comment(s)

Small business instant asset write-off - deduction threshold set to increase

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.

RBizz Team

22/08/2023 10:45 PM - Comment(s)

Principal purpose of a commercial vehicle to determine application of Luxury car tax

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.

RBizz Team

14/08/2023 02:00 PM - Comment(s)

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