Blog tagged as ATO Rules

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.

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!

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.

Discover common compliance issues faced by doctors running businesses through companies or trusts and learn how to avoid them. Stay compliant with the ATO to ensure smooth operations and financial success.

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.

Want to cut your business costs? We’ve highlighted the business expenses that can (and cannot) be claimed against your ATO tax bill.

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.

As the end of the financial year approaches, the temporary full expensing rules will be coming to an end. Considering this, we explore the options that are now available for small and medium businesses to optimise their tax deductions.

Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.

The ATO has initiated a crackdown on arrangements where an individual shareholder accesses profits of a private company in tax-free form through an interposed holding company.

ATO has released a draft compliance guideline to address compliance challenges faced by taxpayers when separately identifying home charging costs for electric vehicles from the total electricity consumption of a household.

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out.

Working from home? Are you claiming your expenses on your tax return? There are 2 methods available to calculate your WFH claim.

With the ATO’s new directives on the taxation of trust distributions, it's essential to review arrangements. Book a planning session to ensure you've got the best beneficiary arrangements.

The new ATO tax education course if here. Find out what you need to do to avoid an administrative tax penalty.

The federal government has announced its intention 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.

The general transfer balance cap is about to increase. Find out how this may affect your retirement plans.