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The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property inco...

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.Back in October 2022, OnlyFans CEO Ami Gan announced that the platform had reached...

The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.Little has been released to date on the impending Budget beyond the tax on super balances above $3m and the decision not t...

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?There a myriad of ways owners look for paybac...

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.The FBT exemption for electric carsIf your employer provides you with the use of a car that is classified as a zero or low emissions vehi...

Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.Business transactions often include earn-out clauses where the vendors ‘earn’ part of the purchase price based on the performance of the business p...

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.While the legislative instrume...

The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out your FBT liability (if any). ...

Future earnings for super balances above $3m taxed at 30% from 2025-26The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superan...

What’s the Deal with Working from Home?The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose e...