News

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013, […]

21 February Lodge and pay December 2023 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically. Lodge and pay January 2024 monthly business activity statement. 28 February Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).

What did I miss? As many suspected, the legislated Stage 3 tax cuts will be redesigned under a proposal announced by the Government. However, likely to be of more interest to practitioners is another decision from the AAT dealing with the sale of property – from the same Tribunal member as the Bowerman case. This

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer successfully argued that the purchase

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