When dealing with Division 7A loan agreements, it's crucial to adhere to specific timelines to ensure compliance with tax regulations. One of the most important deadlines to remember is that the loan agreement must be in writing before the company's tax return lodgement date for the financial year in which the loan was made.
There has been much ruckus in the media about a proposed new tax for superfund balances over $3 million. This article breaks down the basics of what you need to know: Current rules First thing to note, is these proposed new rules are not yet law! So watch this space. Very broadly, under the
On 31 March 2023, the Fringe Benefits Tax (FBT) year ends. With the ever-increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount. The ATO has recently announced that the ‘FBT gap’
WHAT IS STP PHASE 2? In the 2019–20 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information. Under Single Touch Payroll Phase 2, the Australian Government will require all employers to report additional information through STP on or before each payday. This information will include details
The ATO has recently released a draft tax guidance (PCG 2022/D4) for claiming tax deductions for working from home. From 1 July 2022, the ATO has explained that taxpayers who are working from home can claim deductions based on their actual expenses, or alternatively they can potentially adopt a revised fixed rate method which
The ATO has recently released a reminder to tax payers on the tax deductibility of depreciation on second hand assets purchased for rental properties. Second-hand depreciating assets are depreciating assets that were already installed ready for use or used: by another entity (except as trading stock) in your private residence for a non-taxable purpose,
As an owner of a business or entity structure, there are certain actions that need to be taken prior to 30 June to avoid adverse tax consequences. 1. PRIVATE COMPANY (“DIV 7A”) LOANS Where a shareholder or associate of a private company takes money out of the company, this may be subject to the ‘Division
The number of Australians investing in cryptocurrency (commonly referred to as Crypto) has grown rapidly over the last couple of years, however many investors are unaware of their tax obligations when dealing with crypto. Due to the increase in crypto traders and investors, crypto is an increased area of scrutiny for the ATO. What
In the lead-up to 30 June 2021, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make a resolution to
