ATO

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    Fuel Tax Credits Rate Change – 3 February 2025

    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…

    Taxation
  • ATO Scam Alert

    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…

    Taxation | General News
  • ATO focus on business tax and super debt

    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…

    Business Advisory | Taxation | Superannuation
  • Property and ‘lifestyle’ assets in the spotlight

    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…

    Taxation
  • It wasn’t me: the tax fraud scam

    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…

    Taxation | General News
  • When is a gift not a gift?

    The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank deposits, over $67,000 in interest, the…

    Taxation | Case Study
  • The changes to how tax practitioners work with clients

    The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in response to the recommendations of…

    Taxation | General News
  • Earned an income from the sharing economy?

    It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the…

    Taxation
  • Is your family home really tax free?

    The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main residence is not fundamentally different.…

    Taxation