Insights

In Bendel and Commissioner of Taxation [2023] AATA 3074 the taxpayer successfully challenged the ATO's long held position that unpaid distributions owed to a private company can be treated as a loan for Division 7A purposes. While the case was a win for the taxpayer, the ATO is contesting the decision before the Federal Court.

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.

With ATO reviews indicating that 9 out of 10 rental property owners are making mistakes in their tax returns, rental property owners remain a key focus of the ATO this tax time. In that context, the ATO has set out reminders on some of the key issues for rental property owners.

Single touch payroll (STP), the reporting mechanism employers must use to report payments to workers, provides a comprehensive, granular level of near-real time data to the regulators on income paid to employees. The ATO is now matching STP data to the information reported to them by superannuation funds to identify late payments, and under or incorrect reporting.

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can't claim.

Accountants have been recently turning their minds to the bonus 20% deduction that is available to some clients under the technology investment boost. For a particular cost to qualify for the boost, one of the key conditions is that the expenditure needs to be spent wholly or substantially for the purpose of the client's digital operations or digitising their operations.

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it's about successfully transitioning your business and maximising its capital value for you, the owners.

I thought I would list down a few common strategies to increase super savings and reduce taxation that people consider before the end of the financial year.

It's that time of year when we all look at what last minute things we can do to maximise tax savings. There are some simple things you can do to reduce your personal tax.

It's that time of year when we all look at what last minute things we can do to maximise tax savings. Here are some of our top tips for businesses.

The ATO has 'refreshed' the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new 'fixed rate' method (67 cents per hour), or the 'actual cost' method depending on what works out best for your scenario. Either way, you will need to gather and retain certain records to make a claim.

The 2023 Federal Budget focuses on providing support for small business, cost of living relief through lower power bills, higher welfare payments and housing.