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ATO Update (May 2023)

Date: May 2, 2023
Categories: Monthly Update
Super balances above $3m consultation paper releasedTreasury has released a consultation paper addressing the announcement to increase the tax rate for superannuation fund earnings from 15% to 30% for individuals with account balances above $3 million. The closing date for submissions is 17 ...
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ATO Update (April 2023)

Date: April 6, 2023
Categories: Monthly Update, Tax
FBT: Car Parking Benefits – a primary place of employmentThe ATO has released an Addendum to TR 2021/2, its FBT ruling on car parking benefits. The updated ruling now specifies that an employee’s primary place of employment on a given day will be either:The business premises of an employe ...
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ATO Updates (March 2023)

Date: March 9, 2023
Categories: Monthly Update
Interposed companies used to avoid tax under review.The ATO has issued Taxpayer Alert, The Alert addresses certain arrangements involving CGT roll-overs and Div 7A. In these arrangements, a company is interposed between a private company with retained profits ("first company") and its shareho ...
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ATO Updates (February 2023)

Date: February 8, 2023
Categories: Monthly Update
Financial Planning Tax (financial) advice services status to be displayed on Financial Advisers Register (FAR)ASIC has stated that its Financial Advisers Register (FAR) is soon to display whether a financial adviser can provide tax (financial) advice services. This will take effect f ...
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ATO Updates (January 2023)

Date: January 12, 2023
Categories: Monthly Update
Business Services Revised ATO guidance on the PSI rulesThe ATO has finalized its guidance on personal services income (PSI) and personal services businesses (PSB). Taxation Ruling TR 2022/3 provides general guidance on the operation of the personal services income (PSI) rules. It combi ...
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ATO Updates (November 2022)

Date: November 8, 2022
Categories: Monthly Update
Residency tests for individualsThe ATO has released a draft ruling on the residency tests for individuals; it consolidates two older rulings. It was indicated in the 2021 budget that it would "replace the individual tax residency rules with a new, modernised framework, and the new framework i ...
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ATO Updates (October 2022)

Date: October 10, 2022
Categories: Monthly Update
Additional COVID-related grant programs declared NANEThese are the additional grant programs administered by states and territories are eligible as non-assessable non-exempt income.Business Cost Assistance Program Round Four - Construction (Victoria);Business Cost Assistance Program Round Two ...
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ATO Updates (September 2022)

Date: September 12, 2022
Categories: Monthly Update
Grants received by small businesses and primary producers by Cyclone Seroja (April 2021) are non-assessable and non-exempt income. It applies to grants paid in 2021-2022 and later income years.Treasury has released draft legislation, and the Government of Australia has agreed to amend Australian dom ...
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ATO Update (August 2022)

Date: August 8, 2022
Categories: Monthly Update
Car expenses: cents per km ratesThe ATO has finalised a legislative determination that from 1 July 2022, work-related car expense under cents per kilometer has increased from 72 c/km to 78 c/km.ATO Reasonable Travel AllowancesATO has released its annual ruling setting out the amounts i ...
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ATO Updates (July 2022)

Date: July 7, 2022
Categories: Federal, Monthly Update
It’s time for tax agents to get ready for the new tax time in 2022 and the most important thing they have to do is to roll over the system and update the work papers.The Australian Taxation Office (ATO) has warned people not to double-dip in their deductions this year or run the risk of being audi ...
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