Author Archives: winex accountants

Federal Budget – March 2022

PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated.The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to $18,200 – nil; taxable income […]

Overview of Small Business CGT Concessions

Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to […]

Tax Debts May Affect Business Credit Score

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”, while some businesses are recovering well, others continue to suffer from the effects. If your business has had issues paying debts, or have prioritised trade debts ahead of tax debts, remember […]

ATO Concerns on Luxury Car Tax

The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling luxury cars in the ordinary course of business in any structure (ie company or sole trader), as well as those that sell a […]

Up and Coming Changes to Super

Recently, a number of significant super changes has been introduced into Parliament as a part of the government’s plan to enhance super outcomes for Australians. If passed, the changes will allow individuals aged between 67 and 75 to make non-concessional contributions and salary sacrifice super contributions without meeting the work test. Other changes introduced in […]

Data-matching: Medicare Exemption Statement

ATO has announced the extension of its Medicare exemption statement data-matching program. This program has been conducted for the last 12 years and has been extended to collect data for the 2021 through to 2023 financial years. It is estimated that information relating to approximately 100,000 individuals will be obtained each financial year. The information […]

Self Education Expense Threshold to be Removed

The $250 non-deductible threshold for self-education expenses could soon be a thing of the past. The government is finally following through on its promise to remove the threshold with the introduction of a recent Bill into Parliament. Following the removal of the non-deductible threshold, individuals can continue to claim self education expenses if the expense […]

Directors of Private Companies: Tax Return Lodgement

ATO has flagged a trend of private company directors either not lodging their tax returns or not reporting the correct amount of income received from the company in their tax returns. It encourages those taxpayers to either lodge their tax returns by the deadline of 31 October 2021 or request an amendment to their existing […]

ATO Scrutinising Gifts or Loans from Overseas

Taxpayers that have received gifts or loans from overseas family and relatives beware. The ATO is currently scrutinising these types of transactions as it continues to encounter instances where Australian taxpayers have failed to declare offshore income or capital gains. Instead, the ATO says these capital gains or foreign income have been disguised as a […]

New Data Matching Program: Government Payments

Businesses that provide various services on behalf of the Commonwealth will be caught up in a new data-matching program designed to identify and address non-compliance with tax and super obligations. This program will obtain information from various government agencies including Comcare, Department of Education, Department of Health, and National Disability Insurance Agency in relation to […]

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