Cruise ship chef a tax-resident
The AAT has held that a taxpayer, an Australian chef with over 20 years’ experience both in Australia and overseas, was an Australian resident for taxation purposes in the 2016 income year.
$91,239 input tax credits denied due to lodging BAS late
The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late.
ATO’s record-keeping tips
The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. The following are some of the ATO’s top tips to…
SMSF: Paying the price for non-compliance
The ATO has issued a warning that there are various courses of action available to them when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties. To learn about administrative penalties that could be imposed. A number of factors determine the amount of the administrative penalty, including:
Safeguarding your data
Individuals affected by the recent Optus and Medibank data breaches are likely on heightened alert with regard to safeguarding your data. The ATO has assured taxpayers that ATO systems have not been affected by the breach. Information for those caught up in a data breach is available from the Australian Cyber and Security Centre at…
Restart to offsets – tax credits and refunds
The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold, and any credits or refunds would be offset against this debt. As a result, some may find that their refund or credit is less than expected. The ATO paused offsetting refunds or…
Labor’s Federal Budget 2022 – Announcement
This week, Federal Treasurer Dr Jim Chalmers handed down his first Labor Government Federal Budget. As expected, it delivered on key election commitments relating to aged care, childcare, education and acknowledged cost of living challenges with some practical solutions including lowering prescription costs. Following is a quick overview for business owners and individuals.
ATO reminder – Rental properties and second-hand depreciating assets
The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties.
Small business tax incentives back on the table
Small business tax incentives for training and upskilling employees and improving digital and tech capacity are back on the table.
More tax free COVID-19 business grants
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.