Closing the tax gap: ATO focus on…

(18/10/2019) As this year’s tax time comes to a close, the ATO has warned that it will scrutinise every individual tax return lodged to seek out incorrect claims. In particular, it will be on the lookout for under reported income as indicated by third party data, and deductions that appear high compared to people with […]

Unpaid super: amnesty update for employers!

(11/10/2019) The government is getting tough on employers’ unpaid compulsory super guarantee (SG) contributions that may be affecting more than 2.8 million workers. Fortunately for businesses, it has recently announced a revised “grace period” to rectify past non-compliance. All businesses should review their super compliance to consider what action they may need to take. Compliance […]

Selling shares: how does tax apply?

(11/10/2019) Did you know that when you sell your shares, the size of your capital gains tax (CGT) bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses? Knowing the tax rules can help you plan your trades effectively. Each time you sell a parcel of […]

Health insurance and your tax…

  (04/10/2019) If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future. Don’t get stung! Medicare levy surcharge The Medicare levy surcharge (MLS) […]

Small business CGT concessions…

  (04/10/2019) Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related […]

ATO and undisclosed foreign income

(20/09/2019) Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. Failing to report foreign income can attract penalties and ATO scrutiny of your broader tax affairs. […]

Getting the benefit of business tax losses

(27/09/2019) When you’re starting a new business venture, it may take some time before the business becomes profitable. Or, your business may simply operate at a loss in a particular year. What does this mean tax-wise? If you’re a sole trader or individual partner, you may be able to use your business tax loss to […]

Downsizer super contributions…

(27/09/2019) Under the “downsizer” contribution scheme, individuals aged 65 years and over who sell their home may contribute sale proceeds of up to $300,000 per member as a “downsizer” superannuation contribution (which means up to $600,000 for a couple). These contributions don’t count towards your non-concessional contributions cap and can be made even if your […]

Rental property deductions: Part 2

(06/09/2019) Investment property owners should heed the ATO’s warning that it will target mistakes with rental property deductions this tax time – especially with over-claimed interest. In our last instalment on rental deductions, we looked at the rules for purchase costs, repairs and improvements. Now, we consider expenses associated with a loan to buy the […]