Tax Planning
Tax Updates and Benefits: What’s Changing on 1 July 2024?
Discover the major changes that will occur on July 1, 2024, which include the reduction of personal taxes, the boost in superannuation, and the energy relief credits available to both individuals and businesses. Keep yourself updated on these changes and see how they will affect you.
ATO Fires Warning Shot on Trust Distributions: Key Considerations When Distributing Trusts
The Australian Taxation Office (ATO) recently issued a warning regarding trust distributions, stating that they will be closely monitoring and scrutinising these distributions to ensure they comply with tax laws. The ATO is concerned about potential abuse of trust structures to avoid tax obligations.
The Essential 30 June Tax Guide: Preparing for End of Financial Year
With the end of the financial year rapidly approaching, it is critical to both look into ways to take advantage of your tax deductions and get ready for any prospective ATO inspections. You can navigate the tax landscape more competently if you know which areas the ATO may focus on more and how to use tactics to maximise deductions. Let's explore these important areas to make sure you're prepared to succeed in the upcoming financial year.
Tax Cuts: What Will the Changes in Taxes Mean for Me?
Tax changes can impact individuals in various ways, depending on the specific changes implemented by the government. These changes could affect income tax rates, deductions, credits, and other tax-related factors. It is important for individuals to stay informed about tax changes to understand how they may be affected financially.
Tax Compliance: The Problem When the Evidence Doesn’t Match What the Taxpayer Tells the ATO
The problem when the evidence doesn’t match what the taxpayer tells the ATO is a common issue in tax compliance. This can occur when the ATO receives information from third parties, such as employers or financial institutions, that does not align with the information provided by the taxpayer on their tax return. This can lead to discrepancies and potential audits or investigations by the ATO.
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.