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ATO Says: "Be Cyber Wise, Don't Compromise"

Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following four quick steps to protect themselves.

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Losses In Crypto Investments For SMSFs

Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments.

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Care Required In Paying Super Benefits

Generally, before SMSF trustees pay a member's super benefits, they need to ensure that:

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Notice Of Visa Data-Matching Program

The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including the following:

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Deduction For Contributions Denied Due To Notice Requirement Problems

The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied.

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Tax Issues For Businesses That Have Received A Support Payment

Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income.

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Choosing The Right PAYG Instalment Method

The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method.

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Remember The Unused Concessional Contributions Cap Concession

ThAs from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap (i.e., and make additional concessional contributions to utilise any unused cap amounts).

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Luxury Car Tax: Determining A Vehicle's Principal Purpose

The ATO recently explained how to determine the principal purpose of a car for ‘luxury car tax’ (‘LCT’) purposes (since LCT is not payable on the supply or importation of cars whose principal purpose is the carriage of goods rather than passengers).

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Taxpayers Need To Get Their 'Rental Right'

On The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other rental-related income.

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Different Meanings Of 'Dependant' For Superannuation And Tax Purposes

On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will.

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NALI Provisions Did Not Apply To Loan Structure

The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), and so this income could still be treated as exempt current pension income.

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Appointing An SMSF Auditor

The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return.

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ATO Gives 'Green Light' To Lodge

The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns.

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Reallocation Of Excess Concessional Contributions Denied

The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year.

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Changes To Deductions This Tax Time

Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following.

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Downsizer Contribution Measure Eligibility Has Been Extended

The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund.

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Claiming GST credits for employee expense reimbursements

Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities.

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Lodging of Taxable payments annual reports

The ATO reminds taxpayers that it is now time for them to check if their business needs to lodge a Taxable payments annual report (‘TPAR’) for payments made to contractors providing the following services:

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Proportional Indexation of Transfer Balance Caps From 1 July 2023

The ATO reminds taxpayers that, on 1 July 2023, the general transfer balance cap will be indexed. Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.

A Different Perspective

ATO Says: "Be Cyber Wise, Don't Compromise"

Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following four quick steps to protect themselves.

Losses In Crypto Investments For SMSFs

Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments.

Care Required In Paying Super Benefits

Generally, before SMSF trustees pay a member's super benefits, they need to ensure that:

Notice Of Visa Data-Matching Program

The ATO will acquire visa data from the Department of Home Affairs for the 2024 to 2026 income years, including the following:

Deduction For Contributions Denied Due To Notice Requirement Problems

The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant 'notice requirements' were not satisfied.

Tax Issues For Businesses That Have Received A Support Payment

Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income.

Choosing The Right PAYG Instalment Method

The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method.

Remember The Unused Concessional Contributions Cap Concession

Luxury Car Tax: Determining A Vehicle's Principal Purpose

The ATO recently explained how to determine the principal purpose of a car for ‘luxury car tax’ (‘LCT’) purposes (since LCT is not payable on the supply or importation of cars whose principal purpose is the carriage of goods rather than passengers).

Taxpayers Need To Get Their 'Rental Right'

Different Meanings Of 'Dependant' For Superannuation And Tax Purposes

On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will.

NALI Provisions Did Not Apply To Loan Structure

Appointing An SMSF Auditor

The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return.

ATO Gives 'Green Light' To Lodge

The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns.

Reallocation Of Excess Concessional Contributions Denied

The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year.

Changes To Deductions This Tax Time

Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following.

Downsizer Contribution Measure Eligibility Has Been Extended

The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund.

Claiming GST credits for employee expense reimbursements

Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities.

Lodging of Taxable payments annual reports

The ATO reminds taxpayers that it is now time for them to check if their business needs to lodge a Taxable payments annual report (‘TPAR’) for payments made to contractors providing the following services:

Proportional Indexation of Transfer Balance Caps From 1 July 2023

The ATO reminds taxpayers that, on 1 July 2023, the general transfer balance cap will be indexed. Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.

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