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Tax23 articles found

Tax

ATO Rental Property Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. Banks will hand over residential investment loan data on 1.7 million landlords.

May 4, 20235 min readKidmans Partners

Tax

May 4, 20236 min read

'OnlyFans' Tax-Risk-Warning

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for 'content creators' to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.

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Tax

Apr 21, 20235 min read

How Does Tax Apply to Electric Cars?

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles and the FBT exemption.

Kidmans PartnersRead

Tax

Apr 21, 20233 min read

What sharing platforms are sharing with the ATO

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year.

Kidmans PartnersRead

Tax

Mar 23, 20233 min read

Combat The Increase In Audit Activity

Audit Shield is a service we provide to our clients to protect you from incurring unexpected costs as a result of an audit, inquiry, investigation, review or examination instigated by the ATO.

Kidmans PartnersRead

Tax

Mar 23, 20233 min read

What will the ATO be Asking about your Holiday Home?

Taxpayers claiming deductions on holiday homes are in the ATO's sights. We look at the questions the ATO will be asking and how to ensure your claims are correct.

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Tax

Feb 17, 20236 min read

How good is ChatGPT at tax?

Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system.

Kidmans PartnersRead

Tax

Dec 13, 20226 min read

Avoiding the FBT Christmas Grinch

It's that time of year again — what to do for the Christmas party for the team, customers, gifts of appreciation. Here are our top tips for a generous and tax effective Christmas season.

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Tax

Oct 26, 20227 min read

Tax and the Normalisation of Cryptocurrency

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. We look at the key questions including mining, NFTs, and investing in crypto through your SMSF.

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Tax

Oct 26, 20223 min read

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes designed to circumvent Australian tax laws.

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Tax

Oct 26, 20225 min read

If Santa was an Australian tax resident

A lighter look at the complexity of Australian taxation laws and the year that has been — through the lens of Santa's global enterprise.

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Tax

Oct 26, 20225 min read

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues — staff gifts, Christmas parties, client gifts and charitable giving.

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Tax

Oct 26, 20224 min read

The 'Backpacker Tax' and the High Court

The High Court has ruled that the 'backpacker tax' is discriminatory. We look at the impact for working holiday makers from countries with non-discrimination clauses in their double tax agreements.

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Tax

Oct 26, 20226 min read

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office's finalised position on the allocation of profits from professional firms starts on 1 July 2022. We explain the risk zones and what professional firms need to do.

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Tax

Oct 26, 20222 min read

PCR and RAT tests to be tax deductible, FBT free

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.

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Tax

Oct 26, 20228 min read

The ATO's Attack on Trusts and Trust Distributions

The ATO released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes as a result of the ATO's more aggressive approach.

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Tax

Oct 26, 20223 min read

Immediate Deductions Extended

Temporary full expensing enables your business to fully expense the cost of new depreciable assets, improvements to existing eligible assets, and second hand assets in the first year of use.

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Tax

Oct 26, 20225 min read

The 120% deduction for skills training and technology costs

Spend $100 and get a $120 tax deduction. The Federal Budget announced businesses will be able to claim a 120% deduction for expenditure on training and technology costs.

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Tax

Oct 26, 20222 min read

Fuel tax credit changes

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products for 6 months from 30 March 2022, causing a reduction in fuel tax credit rates.

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Tax

Oct 26, 20224 min read

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. A tax deduction for a gym membership isn't available to most people — but there are exceptions.

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Tax

Oct 26, 20226 min read

What's changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here's what is coming up for business and individuals including super guarantee, trust distributions and home ownership.

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Tax

Oct 26, 20223 min read

ATO ramps up heat on directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company has met its PAYG withholding, superannuation guarantee charge, or GST obligations.

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Tax

Oct 26, 202210 min read

Tax Time Targets

The ATO has flagged four priority areas this tax season where people are making mistakes: record-keeping, work-related expenses, rental property income and deductions, and capital gains from crypto, property and shares.

Kidmans PartnersRead

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