11/11/2022: Proposed new method for calculating WFH expenses
With the expiration of the previous fixed rate method and the shortcut method for calculating the deduction for working from home (WFH) expenses, the ATO has released a draft guideline on the new revised fixed rate method for calculating work-related additional running expenses that will replace both these methods from 1 July 2022. Prior to […]
11/11/2022: Tax implications of deferred rent
If you run a business from rented premises, there may be tax consequences when rent is either waived, deferred or varied under commercial terms due to various circumstances. The tax consequences differ depending on whether the waiver, release or variation is for a past or future occupancy as well as other factors. In instances where […]
21/10/2022: IGTO report on ATO handling of objections
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) has recently released its latest report on the initial review of the ATO’s handling of objections by taxpayers. The catalyst for this latest investigation into the ATO was feedback obtained on the IGTO’s register of suggested areas for investigation as well as stakeholder feedback. The interim report […]
21/10/2022: IGTO report on ATO handling of objections
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) has recently released its latest report on the initial review of the ATO’s handling of objections by taxpayers. The catalyst for this latest investigation into the ATO was feedback obtained on the IGTO’s register of suggested areas for investigation as well as stakeholder feedback. The interim report […]
14/10/2022: Affordable childcare measures coming soon
To fulfil its election promise, the government has recently introduced a Bill to make early childhood education and childcare more affordable through changes to the level of the Child Care Subsidy (CCS) and other integrity measures. According to the government this measure will not only support children’s school-readiness and improve long-term outcomes, but also help […]
Tax time focus on rental properties
Just as with previous income years, tax time 2022 is no different, the ATO has again cited rental property income and deductions as one of the 4 key focus areas, along with record-keeping, work-related expenses, and capital gains from crypto assets/properties/shares. The focus is no surprise considering that a recent ATO Random Enquiry Program found […]
Selling property: don’t forget the clearance certificate
if you’re thinking of selling a property, you probably know all about finding a solicitor or conveyancer and a real estate agent, but did you know that you’ll also need to obtain a clearance certificate from the ATO for most properties? This clearance certificate requirement applies to all transactions involving taxable Australia real property or […]
ATO scam calls may be a thing of the past
Receiving scam calls purportedly from the ATO and other official departments may be a thing of the past with the completion of a successful trial of software to block specific calls. Under the most commonly reported version of the scam, people would receive calls which appear to come from a legitimate phone number used by […]
Tax time 2022: ATO focus areas
Tax time 2022 is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure that individuals are doing the right thing and paying the right amount of tax. These key areas are considered by the ATO to be problem areas where individuals make the most mistakes. […]
Non-commercial losses safe habour: natural disasters
Where an individual, either alone or in a partnership, carries on a business activity, the non-commercial loss rules generally apply to prevent losses from non-commercial activities (ie where the outgoings or deductions exceeds the income) from being offset against income from other sources (ie salary and wages of the individual or other income). This is […]
