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A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind of restraint clause, including f...

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms - lawyers, accounta...

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commerci...

It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.A case before the Administ...

From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-c...

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individualsTax rate2023-242024-25 ...

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.The ATO can only release a taxpayer from a tax debt in limited situations...

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.  Electric vehicles causing sparksIn late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurri...

Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that o...

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that ...