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.
Rental properties ATO focus
The ATO focus is on four major concerns relating to rental properties this tax season.
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).
STP Expansion: Extra reporting obligations
Single Touch Payroll (‘STP’) reporting has been expanded with extra reporting obligations for employers.
GST Fraud
The ATO is warning taxpayers about GST fraud and to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds.
Double dip tax deduction warning
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.
Family Trust distributions are on the ATO Hit List – What you need to know
The ATO has changed its approach and compliance response, with family trust distributions on the hit list. Earlier this year the ATO released guidelines using ‘risk’ categories for trust distribution arrangements, indicating that the ATO is taking a more aggressive approach to investigating trust income distribution. It is expected that many family groups will pay…
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.