Category Archives: Income Tax

Sweeping Changes to Insurance through Superannuation

A recent important legislative change that received Royal Assent and takes effect from 1 July 2019. This change relates to insurance held through superannuation (other than an SMSF or small APRA fund), where the member is deemed to be “inactive”. … Continue reading

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Small business immediate asset write-off extended

The federal government yesterday announced proposed enhancements to the instant asset write-off, extending the period of application by a further 12 months to 30th June 2020, and the level at which it cuts out from $20,000 to $25,000. This scheme … Continue reading

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ATO to target Air BNB and similar online rentals

The Australian Taxation Office (ATO) has recently signaled that it is going to conduct a data-matching program to identify taxpayers receiving income from short term rentals. Information from online platform sharing sites for around 190,000 Australians will be examined to … Continue reading

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Fringe benefits provided to religious practitioners

The ATO has issued a draft tax ruling TR 2018/D2 expressing the Commissioner’s preliminary view of exempt fringe benefits provided to religious practitioners.  It replaces TR 92/17 immediately, but may be revised when the ruling is finalised. The law it … Continue reading

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ATO to target individual tax claims this tax season

With an additional $130.8m government funding injection, the ATO has signalled that this tax season it will target work related expense claims by individuals. Having recently conducted a pilot program where over 850 individual tax returns were audited, the ATO … Continue reading

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Proposed changes to Public Fund Bank Accounts

In December 2017 the Federal government announced that it would be seeking to remove the requirement for certain Deductible Recipient Funds to operate a separate fund bank accounts, managed by a majority of people deemed to be more responsible. There … Continue reading

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Log books: keeping you out of trouble

The ATO is critically looking at car log books to make sure they have been correctly completed. Generally you need to keep a log book for at least 12 weeks, and once you have kept it, you can in most … Continue reading

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ACNC gets tough on defaulting charities

The ACNC has recently announced that it will move to deregister almost 90 charities for failing to submit their Annual Information Statements for two years (“double defaulters”).  As a result, these charities will lose their Commonwealth tax concessions.   The … Continue reading

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Personal tax deductions on the ATO’s hit list

The ATO has signaled that it has salary and wage earners squarely in its crosshairs. Anticipating that there is significant lost revenue from taxpayers overstating their tax deductions, the ATO has signaled that it will target work related claims, especially … Continue reading

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Time is Ticking for the $20,000 Immediate Write-Off

The $20,000 immediate write-off was introduced in the May 2015 budget, to give “small” businesses an immediate tax deduction on the purchase of most assets (eg cars, equipment, etc) where the cost of each item is below the $20,000 threshold. … Continue reading

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