ATO’s notice of rental bond data-matching program
The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details. The objectives of this program are to (among other things) identify and educate individuals and businesses who […]
Study/training loans — What’s new
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. […]
Stay secure this holiday season
With the holiday period just around the corner, we’re reminding you how to keep your business premises and client information secure if you’re closing the workplace over the holiday break. We’ve made a list (and checked it twice) of simple things to protect your business, both on site and online: Safely secure all physical files (or […]
Withholding changes when buying and selling property
The Foreign resident capital gains withholding (FRCGW) rules are changing from 1 January 2025. Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 12.5% withheld from a property sale where the value of the property is $750,000 or more. Under the changes: the withholding rate will increase from 12.5% to […]
SMSFs cannot be used for Christmas presents!
There are very limited circumstances where you can legally access your super early, and the ATO is reminding taxpayers that “paying bills and buying Christmas presents doesn’t make the list.” Generally, you can only access your super when you: reach preservation age and ‘retire’; or turn 65 (even if you are still working). To […]
ATO’s tips for small businesses to ‘get it right’
While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. The ATO advises taxpayers that it is important to get the following ‘basics’ right: using digital tools and business software to help track and streamline processes to increase the efficiency of their business; keeping accurate and complete records, […]
Christmas Parties & Gifts 2024
Year-end (and other) staff parties Editor: With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT […]
Don’t miss out on GST credits and fuel tax credits
If you’re registered for GST and you make a business purchase, you may be eligible to claim the GST you paid in the purchase price as a credit. GST credits offset the GST you need to pay when you lodge your business activity statement (BAS). This will reduce the amount of GST you owe and […]
Businesses urged to prepare for Australia’s mandatory climate reporting
Starting 1 January 2025, large Australian businesses and financial institutions will be required to produce annual sustainability reports, including climate-related financial disclosures, under new legislation recently passed by Parliament. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 received Royal Assent on 17 September 2024, mandating these climate reporting obligations. ASIC Commissioner […]
Eligibility for compassionate release of superannuation
The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018. It will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations, including that the applicant has no other means to pay the […]
Could your staff celebration attract FBT?
With the holiday season kicking off, you may be planning a celebration with your staff. Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are considered entertainment related and if they’ll attract fringe benefits tax (FBT). This will depend on: the amount you […]
FBT on plug-in hybrid electric vehicles
From 1 April 2025, a plug-in hybrid electric vehicle (‘PHEV’) will not be considered a zero or low emissions vehicle under fringe benefits tax (‘FBT’) law and will not be eligible for the electric car FBT exemption. However, an employer can continue to apply the electric car exemption if: use of the PHEV was exempt […]