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.
Superannuation comparison tool
The Superannuation comparison tool, YourSuper, has been updated. The tool helps individuals compare MySuper products and choose a super fund that meets their needs.
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.
Pandemic Leave Disaster Payment reinstated
The Federal Government has reinstated the Pandemic Leave Disaster Payment until 30 September 2022.
Discretionary trusts and corporate beneficiaries
A recently issued Tax Determination affecting Discretionary Trusts and corporate beneficiaries may have implications for how family groups distribute income.
Rental properties ATO focus
The ATO focus is on four major concerns relating to rental properties this tax season.
Superannuation changes
Recent changes to superannuation include superannuation guarantee changes and downsizer contribution age changes.
Asset wash sales on ATO hit list
The ATO is warning taxpayers to not engage in ‘asset wash sales’ or other forms of tax avoidance to artificially increase their losses to reduce gains (or expected gains).
‘Cents per kilometre’ rate changed by ATO
The ‘cents per kilometre’ rate change has been implemented by the ATO for individual car expenses for the 2023 income year, from 72 cents to 78 cents per business kilometre.