4 Benefits to using a chartered accountant this EOFY!
As a medical or property professional, you have unique tax obligations that require specialized expertise. That’s why using a chartered accountant (like us!) for your End of Financial Year (EOFY) tax planning can be a game-changer. Here are some benefits: 1. Industry-specific expertise: we have in-depth knowledge of the tax laws and regulations that affect …
Tax records education direction now in place
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course where the Commissioner reasonably believes that there has been a failure to comply with one or more specified record-keeping obligations under tax law. This is an alternative to imposing a penalty. It does not apply …
Commencement of DGR revocations
DGRs that have not yet registered as a charity with the ACNC may soon find themselves the recipient of a revocation status letter from the ATO. After the expiration of the transitional period on 14 December 2022, a review was conducted by the ATO which identified DGRs that did not meet the eligibility requirements for …
FBT car parking: primary place of employment
Employers that have provided FBT car parking benefits for the 2022-23 FBT year should be aware that ATO has finalised the changes to its ruling on car fringe benefits, specifically the concept of primary place of employment. A broad test of primary place of employment now applies. Considerations of whether a place is an employee’s …
ATO targeting private not-for-profits
As a part of its ever tightening compliance net, the ATO has recently announced it is targeting specific tax avoidance behaviour in the not-for-profits sector. The first is private foundations used to operate businesses or income producing activities on which no tax is paid. In some cases, a small portion of the income made may …
Upcoming FBT-related changes
Late last year, the ATO released a draft addendum to its car parking fringe benefits ruling. 2023 sees it resuming that work. Following consultation, it is planning to release the addendum sometime in February. It is also planning to release an update to Chapter 16 of its FBT – a guide for employers in April …
Sharing economy reporting regime commences soon
Compulsory reporting of information to the ATO for sharing economy platforms is now in place. The legislation to implement this recently passed both Houses of Parliament after lapsing due to the election. With the passing of the legislation, the ATO is expected to more easily monitor the compliance of participants through data-matching. This new reporting …
Non-deductible threshold removed for self education
The non-deductible threshold for work-related education expenses of $250 has now been removed with the recent passing of legislation. This deduction limit was an artifact from when the self-education deduction measure was first introduced and no longer served its original purpose. Now that it has been repealed individual taxpayers only need to consider the deductibility …
Tax rules for personal services income
The tax legislation contains special rules about personal services income (PSI). The PSI rules are aimed at ensuring individuals cannot reduce or defer their income tax by alienating or splitting their PSI through the use of interposed companies, partnerships or trusts. An interposed entity is called a personal services entity (PSE). The ATO recently released …