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Understanding the New Thin Capitalisation Rules The Australian Taxation Office (ATO) has released draft guidance on the third party debt test (TPDT) as part of the new thin capitalisation provisions.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 The draft guidance includes: Key Insights from ATO’s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 »
Industry Groups Call for Urgent Legislative Update The NSW Payroll Tax Act is under scrutiny as industry leaders warn that its current classification of mortgage brokers as employees of aggregators could result in significant financial strain on independent brokers and small brokerage firms. The Mortgage and Finance Association of Australia (MFAA) is leading calls for
NSW Payroll Tax Changes Adding Major Costs for Brokers Read More »
Sweeping Changes to Foreign Resident Capital Gains Withholding Rules The Australian Taxation Office (ATO) has introduced significant changes to its Foreign Resident Capital Gains Withholding (FRCGW) regime, now requiring all Australian property sellers—not just foreign residents—to obtain a clearance certificate. Effective 1 January 2025, these updated regulations mean that anyone selling property in Australia must
ATO Introduces 15% Withholding for Property Sales in 2025 Read More »
Australia’s tax system is often praised for not having death duties, but that doesn’t mean intergenerational wealth transfer is tax-free. In fact, the Australian Taxation Office (ATO) has signaled that succession planning is a key focus area, meaning many taxpayers may be making costly mistakes when transferring assets. Failing to plan properly can result in
Avoiding Tax Traps in Succession Planning Read More »
Salary sacrificing is a straightforward way to save on taxes today while boosting your superannuation for the future. By opting to have a portion of your salary paid directly into your super fund, you can reduce your taxable income and take advantage of the lower tax rate applied to super contributions. How Salary Sacrificing Works
Save $3,300 with This Simple Salary Sacrifice Strategy Read More »
Effective from 1 January 2025, the Australian Taxation Office (ATO) has made significant changes to the foreign resident capital gains withholding (FRCGW) regime, now requiring all Australian resident property sellers to obtain a clearance certificate, regardless of their property’s value. This update has critical implications for property owners, real estate agents, and brokers across the
ATO Updates: Tax Rules Australian Property Owner Should Know Read More »