The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket. The fake TFN and ABN services are typically advertised on social media platforms like Facebook, Twitter,...

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position. Temporary full expensing Are you contemplating asset and equipment purchases? If so, consider getting in before 1 July to take advantage of temporary full expensing...

Are you aware of the personal property securities register? What is it? The personal property securities register (more commonly known as the PPSR) is an official government register. It’s effectively a public noticeboard of security interests in personal property (see below) that is managed by the Registrar of Personal Property Securities. Security interests Security interests...

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. Backstory To recap, the ATO in February updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of...

Superannuation is an investment vehicle specifically designed to help you save for retirement – this is one of the key reasons why you should take an interest in your superannuation.  Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings. Concessional tax environment...

Thinking about easing into retirement and maintaining your lifestyle? The transition to retirement (TTR) strategy can help you achieve this and help you access some of your superannuation while you keep working. How the TTR strategy works If you’ve reached your preservation age (between 55 and 60) and are still working, setting up a TTR pension...

Are you a small business owner selling your business or disposing of an active business asset? If so, did you know you might be able to disregard some or all of any capital gain by putting the proceeds into superannuation? Lifetime CGT cap If you are a small business owner and want to sell your...

Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer. What is salary sacrifice? An effective salary sacrifice agreement (SSA) involves you as an employee, agreeing in...

This article on ride sharing examines the tax implications from a Rider’s perspective. Deduction The same principles apply as per taxi fares. Where the fare is business-related, for example you are travelling from your office to a client’s premises, the fare will be deductible in full. However, where the travel is personal the fare is...

Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See the following article for the tax implications from a drivers perspective. Income Income from a driver’s ride-sourcing activities must be declared in their tax return irrespective of the...