YOUR TRUSTED ADVISOR

If you are considering making a personal contribution to your super and would like to claim a deduction on the contributions made, it is important to remember to give the required notice to your super fund before making a claim in your tax return. There have been cases of taxpayers being denied deductions for personal …

The ATO has recently updated its Law Administration Practice Statement on debt relief, waivers and non-pursuit of debt. Specifically, the Practice Statement provides guidance on the Commissioner’s discretion to not pursue the recovery of tax debts, and ATO’s ability to release individual taxpayers from their obligation to pay certain tax-related liabilities. Generally, the ATO will …

The ATO has recently announced that it will resume collecting aged debts by offsetting tax refunds or credits. Age debts are a collective term the ATO uses to refer to its uneconomical non-pursued debts that it has placed on hold and has not undertaken any recent action to collect. These debts do not typically show …

Now that the election is over, and the Labor party is officially in government people will be interested to see what policies and changes are now likely to occur. A helpful starting point is Labor’s election promises which provide a useful indication of possible areas that will be targeted over the next few years. Two …

Single touch payroll (STP) has now entered into Phase 2, although most employers may not yet be reporting under this phase as many digital service providers (DSP) have obtained deferrals to help get their software ready and help their customers transition. Essentially, STP works by sending tax and super information from an STP-enabled payroll or …

Tax time 2022 is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure that individuals are doing the right thing and paying the right amount of tax. These key areas are considered by the ATO to be problem areas where individuals make the most mistakes. …

The ATO has lifted the lid on its most recent operation to stamp out GST fraud, Operation Protego, in order to warn the business community to not engage with fraudulent behaviour and encourage those who have fallen into the trap to voluntarily disclose, before the application of tougher penalties. According to the ATO, Operation Protego …

Where an individual, either alone or in a partnership, carries on a business activity, the non-commercial loss rules generally apply to prevent losses from non-commercial activities (ie where the outgoings or deductions exceeds the income) from being offset against income from other sources (ie salary and wages of the individual or other income). This is …

Ahead of a tightly-contested election and in a bid to win the senior vote, both major parties have promised to expand the eligibility of the Commonwealth Seniors Health Card (CSHC) and freeze the social security deeming rates for 2 years if elected. The CSHC is a concession card that enables eligible seniors who have reached …