Your Knowledge Newsletters
Keep up to date with the latest in taxation and superannuation news.
MAY 2024
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 distinguishing ‘the business’ from their life can be blurred.
April 2024
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 of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.
MARCH 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
FEBRUARY 2024
In the article, Can my SMSF invest in property development? under the heading Related ungeared trust or company, the conditions are listed accurately, but in the section noted Warning on conducting a business, the sentence stated: "One of the criteria for the exemption in 13.22C to apply is that the trust or company cannot not be conducting a business." The 'not' should not be there and the sentence should read "One of the criteria for the exemption in 13.22C to apply is that the trust or company cannot be conducting a business."
DECEMBER 2023
Inside this month, the controversial case of the taxpayer who claimed a loss on their home, tax and Christmas, and the key 2024 influences!
NOVEMBER 2023
Inside this month, the missing $3.6bn in super guarantee owed to workers, and the Chobani yoghurt case that tests the boundaries of GST-free foods.
OCTOBER 2023
Inside this month, the implications of Victoria's 'Airbnb tax' and the $20k deduction for ‘electrifying’ your business.
SEPTEMBER 2023
Inside this month, the 'TikTok scandal'. $1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
AUGUST 2023
Inside this month, the blowback from the tax refund expectation gap, why succession is more than a TV show, and the implications and pitfalls of small scale subdivisions.
JULY 2023
Inside this month we walk you through the skills and training, and technology boosts - who can access them and how to make the most of them. Plus the rise of the digital games industry.
may 2023
Inside this month, the ATO rental blitz - 1.7 million taxpayers will be drawn into the ATO’s residential investment property data matching program utilising bank data. Plus, the ATO's expectations of 'content creators' from OnlyFans to Tiktokers!
APRIL 2023
Inside this month, tax and electric cars, company money - a guide for owners, the pros and cons of earn-out clauses, and what to expect from budget 2023-24.
MARCH 2023
Inside this month, the updated approach to deductions for working from home and the requirements from 1 March, the 'super' wars, and what the ATO will be asking about your holiday home.
FEBRUARY 2023
Inside this month, we've taken ChatGPT for a spin to see the results - don't panic, our example demonstrates that getting good advice from your trusty accountant is essential. Plus, we look at the downsizer contribution now that the age has reduced to 55, and the ATO's final position on risky trust distributions.
DECEMBER 2022
What do the ‘Secure Jobs, Better Pay’ reforms mean?
The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2020. The legislation is extensive and brings into effect a series of changes and obligations that will impact on many workplaces. We explore the issues.
NOVEMBER 2022
Inside this month, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But can you really prevent a hack?
october 2022
Inside this month, stage three tax cuts? What is legislated, the impact and the issues. Plus, the 589.9% increase in cryptocurrency assets inside SMSFs and the latest ASIC warnings on where it is all going wrong
SEPTEMBER 2022
Inside this month, the new .au direct domain name and the risk to your business, and the detail of the 120% deduction for skills training and technology costs.
AUGUST 2022
Inside this month, going green and FBT-free electric cars, claiming crypto losses, and how high does the RBA say interest rates will go (and do you believe them?).
July 2022
Inside this month, we explore tax on the family home and when the main residence exemption applies. Plus, tips to overcome your customers fear of spending
June 2022
Inside this month, we explore the ATO's tax time targets and the common problem areas where perception does not match reality. Plus, what can we expect from the Albanese Government in a difficult environment?
MAy 2022
Inside this month, we clear the confusion (as much as possible) on the 120% deduction for skills training and technology announced in the federal Budget. We also look at the ample number of changes coming into force from 1 July 2022. Finally, can you claim a deduction for your gym membership (and what the AAT has to say about this).
MARCH 2022
Inside this month, we explore the issues and the impact of the ATOs attack on trusts and trust distributions and the landmark High Court cases that changes the way the employer versus contractor relationship is defined.
FEBRUARY 2022
Inside this month we explore what lies ahead of the Year of the Tiger economy, the finalised guidance from the ATO on professional firm profits, and the tax deductibility of RAT tests.
DECEMBER 2021
Inside this month we take a lighter look at the Australian tax laws and what might happen if Santa was a tax resident. Plus, the High Court has ruled that the ‘backpacker tax’ is discriminatory - we look at the implications..
NOVEMBER 2021
Inside this month, we work through the process, timing and issues for establishing a Director ID under the new Director Identification Number regime that came into effect on 1 November. And, we incorporate the latest guidance from the ATO in our summary of the commonly asked questions about investing in blockchain.
october 2021
It won't be long before we can stop talking about COVID-19 (won’t that be nice) but for now, with the Treasurer’s announcement that Commonwealth COVID-19 financial support will start to be withdrawn from 70% full vaccination and cease at 80%, that time is not now.
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SEPTEMBER 2021
Inside this month we look at the process of unwinding the pandemic for a return to "normal". And, the new law that enables the ATO to share superannuation information with the family court during divorce proceedings and the superannuation gender divide.
August 2021
Inside this month we look at Afterpay’s sales announcement (and the tax treatment of their shares if you happen to hold any), because we’re all a little curious about how you start a business in 2015 then sell it in 2021 for $39bn.
june 2021
Inside this month, what's changing on 1 July 2021, work from home expenses under scrutiny and the perils of browsing Facebook, and how insurance proceeds are taxed.
Lock-downs: What help is available.
May 2021
Inside this month, we look at the new lifetime Director ID regime and what it will mean to existing and new directors, the impending CGT exemption for granny flat arrangements, and the questions we get on SMSF expenses and investments that are not at arm’s length.
April 2021
Inside this month, the impact of the 1 July 2021 indexation changes to superannuation. Why the profits of professional services firms are being targeted by the ATO, and JobMaker fails to make a dent on unemployment.
March 2021
Inside this month, why some businesses are voluntarily returning JobKeeper to the ATO. We also look at an issue we would not normally cover - COVID-19 vaccinations and the workplace - but they are the questions we were asking ourselves. And, as the end of the FBT year approaches a review of FBT with a focus on how COVID-19 has changed the ATO's compliance approach. Finally, the Bain & Co research that shows the pandemic has broadened the productivity gap between top performing companies and others.
February 2021
Inside this month we explore the final phase of JobKeeper and answer the questions clients are asking right now, and detail the Apted case where a sole trader has won the right to access JobKeeper with a backdated ABN. Plus, we overview the new streamlined insolvency laws and answer the question, how to sell your business!