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, […]
ATO Identifies Key Focus Areas for Tax Time 2024 Read More »
The Australian Taxation Office (ATO) has found that nine out of ten residential rental property investors audited have made errors in their tax returns. Here are some common tax traps and pitfalls to be aware of: Apportionment of Rental Income and Deductions If a rental property is jointly owned, the income and deductions must be
Rental Properties – Traps and Pitfalls Read More »
With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Use the carry forward concessional contribution rules If you want to make up for lost time and make extra contributions to top
Six super strategies to consider before 30 June Read More »
Understanding payments, loans, and the importance of compliance Operating a family-owned business introduces a unique set of challenges, particularly in the realm of tax management. How payments from the company to its owners or their associates (like a spouse) are handled can have significant tax implications. Dividend classification Generally speaking, any payment from a company
Family Companies and the Many Tax Traps Read More »
The ATO is expanding its use of data to help employers meet their super guarantee (SG) obligations. From March 2024, the ATO will conduct a small nudge letter pilot, contacting a limited number of employers by letter. These employers appear to have outstanding SG obligations for the 1 April 2023 – 30 June 2023 quarter and the
Understanding Your Super Guarantee Obligations: ATO’s New Nudge Pilot Initiative Read More »
The NSW state Government is attempting to help with the housing affordability crisis by making areas around train stations and shopping centres eligible for rezoning for denser development. It will be important to see your tax adviser if you receive a generous offer from a property developer for your home (or rental property) as a
Navigating the Tax Maze: Selling your home to a developer? Read More »