News

As we approach the end of the financial year, the ATO has reminded trustees and their advisers they need to take care with resolutions relating to trust distributions. In order for beneficiaries to be made presently entitled to trust income (or specifically entitled to franked dividends and capital gains) there are a number of items […]

The ATO has also released some brief comments on the Budget measure relating to the increase in the instant asset write-off threshold for small businesses (turnover less than $10m) to $20,000 between 1 July 2023 and 30 June 2024. While the measure is not yet law, the ATO indicates that the $20,000 threshold will apply

Certain small business clients will be able to take advantage of a lodgment penalty amnesty up until 31 December 2023. The amnesty provides that late lodgment penalties will be automatically remitted where tax obligations, including income tax and business activity statements, that were originally due from 1 December 2019 and 28 February 2022, are lodged

As we approach 30 June there is an intense focus on trust distributions. This is an area of increased complexity and scrutiny. To assist, the ATO have released a checklist for the fundamentals of what should be clarified and checked. You can also find Knowledge Shop’s comprehensive checklist to trust distributions on the member website.

Key lodgment and payment dates for business for June. 5 June Lodge tax return for all entities with a lodgment due date of 15 May 2023 if the tax return is not required earlier and both of the following criteria are met: non-taxable or a credit assessment in latest year lodged non-taxable or receiving a

The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. But the gains can’t be relied

Key lodgment and payment dates for business for May. 12 May Activity statements refer to the two week lodgment concession for information on your eligibility for this later due date.Quarter 3 (January–March) activity statements lodged electronically – final date for lodgment and payment  21 May Fringe benefits tax (FBT) Lodgment due date for your FBT return. For 2021,

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October 2022, OnlyFans CEO Ami Gan announced that the platform had reached a milestone – paying out $10 billion

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses. And, they would like that back

1.7 million taxpayers will be drawn into the ATO’s residential investment property data matching program utilising bank data. The focus is on taxpayers incorrectly apportioning loan interest costs where loans have been refinanced or redrawn for private purposes. And, for all those taxpayers that are “content creators” that are on YouTube, OnlyFans and other, the