Justin, Author at Boanco

ATO’s Stricter Refund Rules: Why Prepaying Tax May Cost You

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 […]

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MYEFO 2024-25: Key Updates on Corporate Tax Matters

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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

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GST Areas of Focus for Small Business Taxpayers: What You Need to Know

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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

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Thin Capitalisation and Debt Restructures: ATO’s Compliance Approach for 2025

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Understanding the New Thin Capitalisation Rules The Australian Taxation Office (ATO) has released draft guidance on the third party debt test (TPDT) as part of the new thin capitalisation provisions.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 The draft guidance includes: Key Insights from ATO’s

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Updated ATO Guidance on Employee Status for Superannuation Purposes

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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

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NSW Payroll Tax Relief for Medical Centres: What You Need to Know

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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

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ATO Targets Division 7A Risks in Private Company Guarantee Arrangements

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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

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