ATO Updates
ATO: Results from property management data matching
The ATO has recently extended its property management data matching protocol to gain deeper insights into rental property income and expenses. This means that software providers are required to give details of rent and expenses for residential rental properties managed by a property manager. What does this mean for you? The ATO now has more […]
Read More
Tax Update
Pitfalls for lodging Early Before “Tax Ready” The Australian Taxation Office (ATO) cautions taxpayers about the risks of lodging tax returns too early. According to the ATO, individuals who file their returns in early July are twice as likely to make mistakes. This is because from late July, most information from employers, banks, government agencies, […]
Read More
ATO Identifies Key Focus Areas for Tax Time 2024
As ‘tax time’ approaches, the ATO has announced it will be focusing on three common errors made by taxpayers: Work-Related Expenses In 2023, over 8 million people claimed work-related deductions, with around half relating to working from home. The ATO revised the fixed rate method for calculating working from home deductions, expanding what is included, […]
Read More
Super guarantee increases to 11%
The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%? SG […]
Read More
ATO’s 2022-23 Tax Guide: Maximizing Your Deductions
Maximizing claims and avoiding audits With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be […]
Read More
ATO Finalises Section 100A Guidance For Family Trusts
The ATO releases final guidance on Section 100A for family trusts The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, it has clarified a number of issues which is welcome. To recap, the ATO in February 2022 updated […]
Read More