On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major personal tax-related measures announced in the Budget include the following. Revised […]
The digital currency landscape continues to be treacherous terrain for Self-Managed Super Fund (SMSF) trustees, with a growing number of reports indicating significant losses due to a variety of factors, […]
The ATO has recently released a guideline that will allow certain legal personal representatives (LPRs), including executors or administrators, of less complex estates to finalise those estates before the expiration […]
Changes to simplify reporting for trustees and beneficiaries are commencing from 1 July 2024 as a part of the Modernisation of Trust Administration Systems (MTAS) project. From that date, labels […]
In response to the ATO’s recent actions on re-activating or off-setting old debts, the Commonwealth Ombudsman/ACT Ombudsman, and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new […]
The annual super performance test was introduced in 2021 by the previous government as a way to hold registrable superannuation entity (RSE) licensees to account for any underperformance through greater […]
The ATO-led Serious Financial Crime Taskforce (SFCT) is warning businesses against using illegal financial arrangements such as false invoicing to avoid tax obligations and/or inflate their deductions. As an overview, […]
The ATO has issued a stern warning to taxpayers against entering illegal tax schemes. It emphasises that while tax planning within the law is acceptable, schemes that attempt to exploit […]
The end of the FBT year is upon us once again. Employers that have provided their employees with fringe benefits any time during the 2024 FBT year – 1 April […]
Investment property owners beware! The ATO has signalled that its rental bond data matching program will continue to the 2025-26 income year. This program first commenced in 2005 and collected […]
