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What did I miss? This month, the controversial decision in the Bowerman case where a taxpayer successfully argued that she should be entitled to claim a tax deduction on revenue account on the loss from selling her private residence. The ATO’s position on tax debt, and the potential flow on impact to other tax rules […]

Key lodgment and payment dates for business for December. 1 December Pay income tax for taxable large and medium taxpayers, companies and super funds. Lodgment of return is due 31 January 2024. Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large or medium taxpayer

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans. We’ve seen an uptick in ATO activity focussing on refinanced or redrawn loans. This activity

Workers owed $3.6bn in super guarantee Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change. Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion,

Key lodgment and payment dates for business for November. 21 November Lodge and pay October 2023 monthly business activity statement. 25 November Lodge and pay quarter 1, 2023–24 activity statement if you lodge electronically. 28 November Lodge and pay quarter 1, 2023–24 Superannuation guarantee charge statement if the employer did not pay enough contributions on

What did I miss? The Bendel case (Bendel and Commissioner of Taxation [2023] AATA 3074) caused a stir when the AAT decided that unpaid trust distributions owed to a private company beneficiary should not be treated as a loan for Division 7A purposes. As expected, the Commissioner has since lodged an appeal with the Federal

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim. If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer has

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time

Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million

A number of taxes and duties will be changing in early 2024 as a result of the NSW Government’s 2023-2024 State Budget. Zero and low emission vehicle From 1 January 2024, certain zero or low emissions vehicles will need to pay a road user charge and will no longer be exempt from motor vehicle registration