Your tax return is only one source of information available to the Australian Taxation Office. Banks, employers, super funds and other organisations also provide data that the ATO can compare with what you report. Understanding how this works can help you avoid missed income, incorrect claims and unnecessary questions at tax time.
Read MoreFrom tax cuts to superannuation, here’s what’s changing from 1 JUly 2024
Read MoreThe way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to beneficiaries.
Read MoreIt’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.
Read MoreThe ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
Read MoreThe Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
Read MoreThe personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Read MoreA recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.
Read MoreA decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
Read MoreDon’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
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