SMSF compliance: what’s on the ATO’s radar? In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and investment scams are still quite rare in the SMSF sector, they are becoming more prevalent. In the 2022 […]
SMSF Compliance – What’s On The ATO’s Radar? Read More »
Unwanted tax this festive season Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how, as an
Christmas Gifts From Employers Read More »
Deductions may be limited to your income from the property With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case before the Administrative Appeals Tribunal (AAT), Rizkallah and FCT [2022] AATA 3081 is a timely
Rental Expenses In Excess Of Income Not Deductible Read More »
From 1 July 2022, the methods for claiming working from home expenses have changed. The 80 cents per hour COVID-19 shortcut method is not available from 1 July 2022. The ATO has published Draft PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach which outlines its
Revised Working From Home Methods For 2022-23 Read More »
Superannuation gender cap is REAL Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman, it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off
Bridging the super gender gap Read More »
The 2022/23 Budget was handed down on Tuesday, 25 October 2022, by the government. The Budget estimates an underlying cash deficit of $36.9 billion for 2022-23 (and $44bn for 2023-24). While the economy is expected to grow by 3.25% in 2022-23, it is predicted to slow to 1.5% for 2023-24, a full percentage point lower
Federal Budget 2022 – 23 Superannuation Impact Read More »