Click here to view PDF: NEWS UPDATE – MAY2024 Company money crackdown The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line
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Click here to view PDF: News Update April 2024 Warning on SMSF asset valuations 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
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Click here to view PDF: March 2024 News Update The Fringe Benefit Tax traps 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 sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles
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Click here to view PDF: February 2024 News Update Stage 3 personal income tax cuts redesigned The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the
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Click here to view PDF: December 2023 News Update The controversial case of the taxpayer who claimed a loss on their home A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss,
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NOVEMBER 23 NEWS UPDATE Click here for PDF Workers owed $3.6bn in super guarantee Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change. Superficially, the statistics on employer superannuation
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OCTOBER 23 NEWS UPDATE Click here for PDF $20k deduction for ‘electrifying’ your business Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus
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