As a small business owner in Australia, it’s crucial to stay informed about superannuation guarantee (SG) obligations. Recent data from the Australian Taxation Office (ATO) reveals that workers are owed over $3.6 billion in SG, a figure the government and regulators aim to reduce. The Current State of SG Compliance While 94% of SG, amounting … Read more
Navigating the landscape of self-education expenses can be challenging, especially when trying to determine what is deductible on your tax return. The Australian Taxation Office (ATO) has provided guidelines on this subject, and in this article, we’ll break it down for you. 1. Basic Principle: Relevance to Current Employment If your studies relate directly to … Read more
The winds of change are blowing for property investors in the realm of short-term rentals. If you’ve capitalized on the short-term rental trend or have been keeping your properties vacant, there’s an upcoming tax shakeup that’s worth your attention. The Victorian Government has recently announced Australia’s premier short-stay property tax, set to come into effect … Read more
Want to give your business an energy-efficient boost? Read on to find out how! 🌍 The Future is Electric Gone are the days of gas and fossil fuels. The spotlight is now on electricity and energy efficiency. The government has introduced an incentive to help businesses shift towards cleaner energy solutions. 💰 What’s the Deal? … Read more
With the Australian Taxation Office (ATO) revealing that a staggering 90% of rental property owners have inaccuracies in their tax returns, it’s crucial for owners and practitioners to be meticulous this tax season. The ATO continues to intensify its focus on rental properties, emphasizing the importance of compliance with tax obligations. Inclusive Rental Income Reporting … Read more
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report. The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and evolve. It … Read more
In a scandal that shook the nation, the TikTok tax fraud saw a staggering $1.7 billion paid out in fraudulent refunds, with an additional $2.7 billion in fraudulent claims halted in their tracks. With around 56,000 alleged perpetrators and over 100 arrests to date, how did this scandal spiral out of control? A Victimless Hack? … Read more
The ATO has issued a final determination dealing with the luxury car tax (LCT) system that explains how to determine the principal purpose of a vehicle. LCT can apply to the sale or importation of a car if its LCT value exceeds the relevant LCT threshold. For the purpose of the LCT rules a motor … Read more
The ATO has released some guidance on the typical treatment of expenses that are incurred by business taxpayers in connection with digital products. First, the ATO confirms that operating expenses incurred in the everyday running of a business can generally be claimed as a tax deduction in the year in which they are incurred. This … Read more
The Skills and Training Boost gives you a 120% tax deduction for external training courses provided to employees. The aim of this boost is to help SMEs grow their workforce, including taking on less-skilled employees and upskilling them using external training to develop their skills and enhance their productivity. Sole traders, partners in a partnership, … Read more
