Posted in Tax
Posted by Dean McKinnon
on 21 March 2024
Commencing 2024 FY through 2026 FY, the ATO will demand comprehensive data records from rental property bond authorities and novated lease companies:
The ATO want to use the data obtained to match against taxpayer records and make sure all applicable tax is being paid
ATO Rental Bond Data Matching
ATO Novated Lease Data Matching
Included in the data obtained from the rental bond authorities will be the rental payments
If the rental payments don't match the income decla...
Posted by Dean McKinnon
on 14 March 2024
From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees
The fees you pay your adviser to help manage your investments are subject to GST
Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10%
However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...
Posted by Dean McKinnon
on 29 February 2024
The federal government announced recently that they would introduce amendments to disallow tax deductions for interest incurred on tax debts
Both the General Interest charge and Shortfall Interest Charge will not be a tax-deductible expense for the taxpayer
The changes are proposed to commence from 1 July 2025 – i.e. 2026 FY
Currently, both Interest Charges are tax deductible to the taxpayer
...
Posted by Dean McKinnon
on 23 February 2024
The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation
If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation
The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action
Th...
Posted by Dean McKinnon
on 16 February 2024
The federal government recently announced that they would propose changes to the legislated income tax rates, commencing in the 2024-2025 FY
The proposed tax rate (legislated by the previous government) was to commence 1 July 2024 and included abolishing the 37% Marginal Tax Rate, with a new 30% rate on taxable income between $45,000 and $200,000
The current government intends to not proceed with the legislated tax rates and introduce their own tax brackets including a...