The Australian Taxation Office (ATO) has released Miscellaneous Taxation Ruling MT 2024/1, which clarifies the time limits that apply to claiming input tax credits and fuel tax credits. Key Points from MT 2024/1 The ruling outlines the ATO’s interpretation of the four-year entitlement period, as set out in: Under these limiting provisions, a business loses […]
ATO Guidance on Time Limits for Fuel & Input Credits Read More »
Tax season can be overwhelming, but knowing when to expect your Australia tax refund for March 2025 can help you plan ahead. Whether you’re an employee, business owner, or investor, understanding key deadlines, refund amounts, and ATO processing times is crucial to managing your finances effectively. In this guide, we’ll break down essential tax refund
March 2025 Tax Refunds: Key Dates and How to Maximise Claims Read More »
An Australian accountant has warned business owners after the Australian Taxation Office (ATO) refused to refund a $20,000 overpayment, highlighting the growing risks of prepaying tax debts. ATO Tightens Its Approach to Refunds A business owner recently mistakenly paid their ATO debt twice, leaving them with an overpayment of $20,000. Expecting a routine refund, the
ATO Refund Rule Changes: Why Prepaying Tax May Cost You More Read More »
The Australian Government has announced several corporate tax-related changes in the 2024-25 Mid-Year Economic and Fiscal Outlook (MYEFO). These updates impact R&D tax incentives and film production tax offsets, shaping the financial landscape for businesses in affected industries. 1. Changes to R&D Tax Incentive Eligibility From 1 July 2025, businesses involved in gambling and tobacco-related
MYEFO 2024-25: Key Updates on Corporate Tax Matters Read More »
In a recent speech to the Institute of Public Accountants (IPA) National Congress 2024, Will Day, Deputy Commissioner for Small Business at the Australian Taxation Office (ATO), outlined several key focus areas for small businesses in relation to GST and other tax matters. As the ATO strengthens its efforts to support small businesses in meeting
Key GST Focus Areas Small Business Taxpayers Must Know Read More »
Understanding the New Thin Capitalisation Rules The Australian Taxation Office (ATO) has released draft guidance on the third party debt test (TPDT) as part of the new thin capitalisation provisions. This guidance is critical for businesses with significant debt financing, particularly those affected by recent legislative changes. The draft guidance includes: Key Insights from ATO’s
ATO’s 2025 Thin Cap & Debt Rules: Key Compliance Updates Read More »
What Employers Need to Know About Superannuation Guarantee Obligations On 11 December 2024, the Australian Taxation Office (ATO) finalized its update to Taxation Ruling TR 2023/4, clarifying when an individual is considered an employee under the Superannuation Guarantee (Administration) Act 1992 (SGAA). This updated ruling, which applies both retroactively and prospectively, replaces the previous Superannuation
ATO Updates Guidance on Employee Status for Superannuation Law Read More »
Updated Guidance on Payroll Tax Exemptions for GP Contractors Revenue NSW has issued updated Compliance Practice Note (CPN 036v2), clarifying payroll tax relief measures for medical centres engaging contractor general practitioners (GPs). The update aligns with the Revenue Legislation Amendment Act 2024 (NSW), which introduces key payroll tax exemptions and rebates for medical centres, effective
NSW Payroll Tax Relief for Medical Centres: Key Updates Read More »
New Taxpayer Alert and Draft Determination Aim to Close Loopholes The Australian Taxation Office (ATO) has issued new guidance on Division 7A of the Income Tax Assessment Act 1936 (Cth), focusing on private company guarantee arrangements that may circumvent deemed dividend rules. This includes Taxpayer Alert TA 2024/2 and Draft Taxation Determination TD 2024/D3, both
ATO Targets Division 7A Risks in Private Company Guarantees Read More »
Regulator Highlights Key Audit Risks and Compliance Focus Areas The Australian Taxation Office (ATO) has outlined its compliance priorities for SMSF auditors in 2025, with a renewed focus on market valuations, high-risk auditors, and independence requirements. With over 32,000 new SMSFs established in 2024, marking a 21% increase from 2022–23, the ATO is tightening its
SMSF Audit Compliance and Key ATO Focus Areas for 2025 Read More »