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The ‘Airbnb’ Tax

Heather Moore
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Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million…

The 120% technology and skills ‘boost’ deduction

Heather Moore
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The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their…
ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.

ATO ramps up heat on directors

Emma Zajac
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Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable…

The ATO’s Attack on Trusts and Trust Distributions

Emma Zajac
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Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family Trust Beneficiaries at Risk The tax legislation contains an integrity rule, section…
ATO launches campaign to target tax withholding on overseas royalties

ATO Launches Campaign to Target Tax Withholding on Overseas Royalties

Emma Zajac
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ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties. The ATO’s International Risk for Private Groups Program has launched a campaign focusing on non-resident withholding tax relating to royalty expenses paid overseas for the 2019 and 2020 income years. Taxpayers who have paid royalties to a non-resident…
Professional Services Firm Profits Guidance Finalised

Professional Services Firm Profits Guidance Finalised

Emma Zajac
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The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow through to individual practitioners and their related parties. The…
ATO WFM Shortcut Method

ATO Guidance: Working From Home Shortcut

Emma Zajac
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The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…
The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions.

ATO Utilising New Powers so Businesses Act on Tax Debts

Emma Zajac
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The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions. Businesses with over $100,000 in tax debts have begun receiving letters from the Tax Office, warning them of the agency’s intent to disclose tax debt information…
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