Tax Planning
The Updated Stage 3 Personal Income Tax Cuts for Australian Taxpayers
Stage 3 Personal Income Tax Cuts were part of the government's plan to simplify and flatten the tax system. When Stage 3 tax cuts take effect in July 2024, they will be the most costly and inequitable tax cuts in Australian history, costing $320 billion in lost tax revenue in their first ten years.
Next 5,000 Review Program: An Update on ATO Private Groups Tax Program – and How we PROTECT YOU!
The Tax Avoidance Taskforce funds the Next 5,000 review program, which employs data matching and analytic algorithms to identify Australian residents who, with their associates, possess wealth in excess of $50 million. The program focuses on prevention rather than correction, with the goal of increasing continuing and willing involvement in the tax and super system through one-on-one engagements.
The Key Financial Challenges and Influences You Should Care About in 2024
Uncertainty has prevailed in recent years, but may we expect more consistency as we approach 2024? We look at some of the important challenges and factors in the economy, taxation, and employment.
The Controversial Home Loss Claim: A case of the taxpayer who claimed a loss on their property.
The Administrative Appeals Tribunal's judgement has sent the tax world into a frenzy after the Tribunal ruled in favour of a taxpayer who sold the apartment she lived in for a loss and then claimed the $265,935 loss as a deduction on her tax return.
Temporary Full Expensing and Loss Carry Back Tax Offset Claims to be Reviewed by ATO in 2023
ATO Set to review Temporary Full Expensing and Loss Carry Back tax offset claims for 2023. Learn the most critical issues and our tax advice on claims for assets. It is significant to remember that temporary full expensing will not apply if an eligible depreciating asset is first utilised, or placed ready for use, on or after 1 July 2023. As a result, the asset's cost cannot be immediately deducted for the 2023 tax year.
Prepare For Stocktake – Conducting A Stocktake
You might need to do a stocktake for tax purposes if your business acquires or sells stock. Learn how to do a stocktake and how it might benefit your company. Your business must do a stocktake by June 30, 2023, as the fiscal year comes to a close, in order to fulfil its tax obligations.
Taxation Changes for Business Owners – What’s New This 2023?
The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernizing the economy. What does this mean for you? Here is a brief summary of the business tax updates and the two important things that could have an impact on business owners.
ATO Announces Enforcement of CGT, Rental Properties and Work Claims
Recent media reports have confirmed that the ATO's priority targets now include CGT, rental property deductions and work-related expenses. The ATO has declared that it will concentrate on capital gains tax, work-related costs, and rental property deductions in FY2024 in an effort to crack down on questionable payments as the end of the FY2023 financial year draws near.
Federal Budget 2023 – Winners and Losers Revealed!
The government promised a budget that would build “stronger foundations for a better future”. Look at the breakdown of the 2023 federal budget winners and losers. And if you’d like to know how this can impact, contact us today!
ATO Supercharges Its Campaign to Crackdown Incorrect Rental Property Report
The ATO boosts its campaign against rental property owners who incorrectly submit their income and expenses report. Based on previous data, there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses and the government has launched a more serious campaign against inaccurate tax report.