Blog tagged as ATO Rules

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.

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.