RBizz Solutions Corporate Accounting & Advisory
RBizz Solutions Corporate Accounting & Advisory
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ATO Rules

Blog tagged as ATO Rules

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)
Claiming your bonus deduction for technology investment in the 2022–23 tax return
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.
RBizz Team
18/07/2023 02:13 PM - Comment(s)
Top 10 Tax Saving Tips for Salaried Aussies
Maximize your tax refund! Get the top 10 tax saving tips for salaried Australians. Learn how to implement effective strategies & take advantage of deductions & credits!
RBizz Team
03/07/2023 01:53 PM - Comment(s)
Navigating the Tax Maze: Compliance Challenges for Australian Medical Practices
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.
RBizz Team
23/06/2023 05:34 PM - Comment(s)