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Taxation
Tax Debt Firmly in the ATO’s Sights
September 19th, 2023If you have operated a business for the past few years, you are probably aware that the Australian Taxation Office (ATO) were a little more willing than normal to extend payment deadlines and work with businesses to ensure the prevailing economic conditions didn’t put them in dire financial straits. More recently, however, the ATO hasread more
Tax Lessons Learned from the 2023 Women’s World Cup
August 22nd, 2023Just like that, the Women’s World Cup is finished! Over the past month, we’ve seen an impressive run to the semifinals from the Aussies, a few favourites knocked out early, and some intense competition on the pitch. And wouldn’t you just know it, we’ve learned a few tax-related lessons along the way! If you’re readyread more
Audit Insurance: Protecting Businesses & Sophisticated Individuals
August 2nd, 2023In today's ever-changing and complex compliance landscape, the Australian Taxation Office (ATO) has also become more vigilant over time and enhanced their data-matching capabilities to increase their scrutiny of financial records – meaning individuals & businesses of all sizes and shapes face a higher risk of being audited. To safeguard against the potential financial burdenread more
Electric Vehicles – Efficient for the Environment… and Your Tax Bill?
November 11th, 2022As the world begins to embrace electric vehicles as a suitable alternative to fossil fuel-powered transport, the Australian Government has planned to reach “net zero emissions” following the passing of Climate Change Bills. The Government’s objective in providing the FBT exemption for electric cars is to encourage increased use of electric cars on the roadread more
Corporate Sponsorship – Understanding the Tax Implications
September 30th, 2022As accountants and business advisers, we help clients make the most of their business expenditure from a tax point of view, and a number of clients ask us how corporate sponsorship affects their tax position, both when they’re considering sponsorship for a sporting club (or similar), and when they’re offering sponsorship opportunities for other businesses.read more
Differentiating Between Repairs & Maintenance and Capital Improvements
July 18th, 2022With tax time upon us, many individuals, business owners and their accountants are looking at which expenses can be deducted from last financial year’s tax return. An important part of this endeavour is to ensure that you can accurately determine whether work done on an investment property, business premises, plant, machinery or tools falls underread more
Section 100A – How the ATO’s Crackdown on Family Trusts Might Impact You
March 30th, 2022For years, many Australians, particularly those operating businesses, have used family trust structures as a wealth creation vehicle. The ATO has previously put trust distributions and their tax treatment under the microscope but have now refocused their attention to Section 100A ‘Reimbursement Agreements’. This could significantly impact on the overall tax position of any familyread more
Update – ATO Electronic Correspondence and Communication Preferences
November 19th, 2021You may have caught our article a few months ago regarding the moves the Australian Taxation Office (ATO) is making in shifting their correspondence to business owners from paper-based “snail mail” to electronic formats. As the roll-out and wider adoption of these changes continues, we are seeing a few instances where information isn’t reaching theread more
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