Practice Update December 2023
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO's lodgment penalty amnesty only have [...]
Christmas Parties & Gifts 2023
Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues [...]
Agent nomination process
A new process has been introduced by the Australian Taxation Office (ATO) for nominating a registered agent. This new process is called ‘Client-to-agent linking’ and, effective from 13 November 2023, it applies to all taxpayers [...]
Small Business – Lodgment Penalty Amnesty Program
As of May 9, 2023, as part of the 2023-24 Budget, the government has introduced a lodgment penalty amnesty program aimed at encouraging small businesses to re-engage with the tax system and bring their obligations [...]
November Practice Update
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if [...]
September Practice Update
Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual [...]
August Practice Update
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. [...]
July Practice Update
Court penalises AMP $24 million for charging deceased customers The Federal Court has found that four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and [...]
Practice Update JUNE 2023
2023/24 Budget Update On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: [...]