Closing a Business? Don’t Forget the GST Registration

Thinking of closing or selling your business due to the current restricted business conditions? Beware that if you do, you’ll have to cancel your GST registration within 21 days, with certain specific exemptions. This 21 day requirement also applies if you change your business structure, such as from a partnership to a company structure, unless […]

Are State/Territory COVID-19 Grants Assessable?

Amounts received by businesses from various state or territory governments as COVID-19 support payments may or may not have to be included in their tax returns as assessable income. While the Federal government has specifically designated some payments to be NANE income which means it will be non-taxable, other payments have not been granted this […]

COVID-19 Support Payments: What You’ll Need to Report

Many individuals completing their 2020-21 tax return this tax time will have received some form of government support payments as a result of the economic fall-out from COVID-19, including the JobKeeper, JobSeeker, the COVID-19 disaster payment, or the pandemic leave disaster payment. Some of these payments will need to be reported as income while others […]

Selling Property: Don’t Forget the Clearance Certificate

Spring has now sprung, and with news of various roadmaps out of COVID-19 lockdown, the property market looks set to take off once again in all States and Territories. If you’re thinking of selling a property whether it be your main residence or an investment property, based on the current capital city prices, it is […]

Tax Time 2021: Rental Property Pitfalls

This tax time, the ATO will again be closely monitoring claims in relation to rental properties. As with previous years, it will be on the look out for rental property owners that do not declare all their income and capital gains from selling property. Other areas of concern include claims for interest charges on personal […]

Tax Consequences of Rent Deferral or Waiver

With large swathes of the population currently in lockdown, many businesses may be using this downtime to finalise their 2020-21 tax returns in order to get a refund to assist with their business cash flow. Due to the effects of COVID-19 in the past financial year, one of the big issues vexing both tenants and […]

Div 293 Concessional Contributions Assessments

Individuals earning more than $250,000 may be subject to Div 293 tax on their concessional super contributions. This is an additional 15% tax which means the effective contributions tax on concessional contributions for those high income earners doubles to 30%. Due to a system issue, the ATO has only recently started issuing Div 293 assessments […]

ATO Data Matching of Lifestyle Assets Extended

Even among the doom and gloom of the pandemic lockdowns, the ATO continues to march on with its data matching programs. This time it has extended a previous data-matching program targeting the owners of lifestyle assets including marine vessels, motor vehicles and caravans, thoroughbred horses, fine art, and aircrafts. Data will be collected from various […]

ATO Turns its Attention to Crypto

Individuals and businesses trading in cryptocurrency and non-fungible tokens beware, the ATO is cracking down on those not including their capital gains or losses in their tax returns. Although many people think crypto is relatively anonymous, the ATO is obtaining transaction data from cryptocurrency designated services providers for its data-matching program, and closely monitoring where […]

Employers Beware: Increase in Super Guarantee

From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%, businesses using manual payroll processes should be careful that this change doesn’t lead to unintended underpayment of super which may attract penalties. The rate you use to calculate super contributions depends on the date that you’re paying your employees in and […]

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