Most taxpayers claiming car expenses use the cents per kilometre method, but the ATO says common misconceptions are leading to lodgment errors. Here are the Top 5 Myths BUSTED: Myth 1: “I can claim home to work travel”Generally NO – regardless of method, you can’t claim commuting. Only very few exceptions, like carrying bulky tools […]
Trustees of closely held trusts – Important ATO change that simplifies reporting, but you need to get it right. What’s changing? Trustees are no longer required to lodge a quarterly TFN report for periods after 30 June 2026. Instead, you must now report beneficiary TFNs in the statement of distribution when completing your trust tax […]
The ATO announced an 80% jump in non-lodgment prosecutions over the past 2 years targeting shadow economy operators, leading to more than $2.7 million in fines. The shadow economy refers to people or businesses doing the wrong thing – not paying the right tax or super, demanding cash payments, or workers missing out on entitlements. […]
The ATO has highlighted that around 123,000 individuals have made downsizer contributions since 2018, contributing $31.819 billion to super funds. This is a powerful strategy for clients aged 55 years or over selling their home: Contribute up to $300,000 per person from the sale proceeds into your SMSF or super fundCouples can contribute up to […]
If you’ve requested the ATO to waive General Interest Charge (GIC) on a tax debt recently, you may have noticed longer wait times. The ATO Commissioner Rob Heferen confirmed this week that the ATO’s new approach to GIC remission has led to longer wait times, but says it’s the trade-off for more consistent and fair […]
The ATO has confirmed major FBT changes that will affect any employer offering salary sacrificed work-related benefits. What’s changing? 1. The ‘otherwise deductible rule’ is closing for salary sacrificeEmployers will no longer be able to use the otherwise deductible rule to reduce FBT on expense payment benefits that are: work-related This includes reimbursement of: 2. […]
Remember your super needs to be in the hands of each employees super fund by their cutoff date, usually June 23, or you don’t get a deduction in this tax year. Check your employees super fund cutoff dates now!
