Tax & Structuring

With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be sure to keep the appropriate [...]

The 2023-24 Federal Budget was handed down on 9 May. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as the cost of living relief. Following are some of the headline measures, many of which are subject to enabling legislation. Business Depreciation made less generous Temporary full expensing (TFE) will [...]

If you run your business through a family trust, there’s some good news on the distribution front. In mid-April, the ATO responded to the landmark trust distribution case, namely the Guardian AIT appeal ruling in January by the Full Federal Court, with a decision impact statement that where the ATO concedes that it will have [...]

From 1 July 2023, trustees, and directors of SMSFs must report certain events that affect their member's transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose of this change is [...]

One of the most common decisions facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation, and GST treatment. Options How should you go about purchasing a vehicle? While it may seem a relatively straightforward question, [...]

Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions before 1 July to benefit from a tax deduction this financial year. However, the timing of when SG contributions are deductible to an employer can be tricky if employers [...]