With the end of the financial year fast approaching we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny. Opportunities Bolstering superannuation If growing your superannuation is a strategy you are pursuing, and your total superannuation balance allows it, you could make a one-off deductible contribution to your…

The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers. Employers need to pay compulsory superannuation guarantee (SG) to those considered employees under the definition in the SG rules. But, the SG definition of an employee is broad and just how far…

The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. Each year, advisers await the December inflation statistics to the be released. The reason is simple, the transfer balance cap – the amount that can be transferred to a tax-free retirement account – is indexed to the Consumer Price…

The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts. Income tax cuts are a dazzling headline but in reality they deliver a tax saving of up to $268 in the 2026-27 year, with a tax saving of up to $536 from the 2027-28 year. At the same time, the Australian Taxation Office has been…

Fuel Tax Credit rates can change regularly. It is important that you ensure you are using the correct rates when calculating your fuel tax credits dependant on the date the fuel was purchased. Current fuel tax credit rates are as follows: Rates for fuel acquired from 3 February 2025 to 30 June 2025 Eligible fuel typeUsed in heavy vehicles for…

The Australian Taxation Office warn against new ATO impersonation scams currently circulating. The first of which, is an email containing a link for the recipient to reconfirm their details for their myID login. This email appears as if it has come from the ATO and is taking advantage of the recent change of ‘myGovID’ to ‘myID’ to trick the recipient…

The Australian Taxation Office are changing their approach to collecting unpaid tax and superannuation debts, focusing on businesses who refuse to engage with them and ignore their requests for payment. This approach, the Taxation Office believe, will make it fairer for compliant businesses that do the right thing and fulfil their tax obligations. Whether you operate a small or large…

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold expensive lifestyle assets. Investment property…

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax scam, myGov accounts are being accessed…