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March 2024 ATO Practice Update

Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. ■   The concessional contribution cap will increase from $27,500 to $30,000. This 'CC' cap is broadly...

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Practice Update February 2024

Government announces changes to proposed 'Stage 3' tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: ■  ...

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November ATO Practice Update 2023

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...

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October ATO Practice Update 2023

Taxpayers need to get their 'rental right' 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...

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ATO Practice Update September 2023

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.   An SMSF’s audit must be finalised before the trustees lodge their SMSF annual return, as...

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August ATO Practice Update

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.   A 'reimbursement' is provided...

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