In recent months, we’ve observed an increase in the Australian Taxation Office’s (ATO) compliance and debt collection activities. This trend is expected to persist, with a particular focus on addressing outstanding debts, improving small business tax performance, and reinforcing superannuation guarantee compliance.

One of the most common questions we are asked is “should I lodge my tax return now or later?"

We encourage our clients to prepare their tax returns well ahead of the due date. Early submission not only facilitates a more timely refund (if one is due) but also helps quantify any tax debt, allowing time to plan for the payment.

Do I need an ASIC registered agent is a question frequently asked of us. It can seem like an unnecessary fee for a relatively simple process, or is it?

Like most people, if I have five minutes of downtime I turn to Facebook for a little light relief from the day. Recently I was scrolling through and I found this wonderful explanation for what can and can’t be claimed for work related clothing. I wouldn’t usually recommend turning to Facebook for tax advice, but having run my expert eye over the content I thought it worth sharing.

Australians are generous by nature so it is no wonder that on nearly every tax return we prepare that there is a deduction included for donations. BUT not every time is money you hand over for a worthy cause tax deductible.

Tax time 2023 brings a number of changes to superannuation. Here is a summary of what you need to know.

As with all ending of financial years and beginning of new ones there are tax changes. Here is what you need to know to make the most of tax time 2023 and to get ready for 2024, including the recent budget announcements, which aren’t yet law.

There are a myriad of changes coming our way for tax time 2023, so here is a summary of what you need to know to make the most of tax time 2023.

The Australian Taxation Office (ATO) requires certain individuals and businesses to keep motor vehicle logbooks for tax purposes. The logbook is used to record the business use of a vehicle over a period of 12 continuous weeks, and this information is used to determine the percentage of business use for tax purposes. You will be required to keep a logbook if:

Motor vehicle fringe benefits refer to the use of a car, van, or other similar vehicles for private purposes, which are provided by an employer to their employees or associates (including company directors and shareholders) designed to carry a load of less than one tonne and fewer than nine passengers. A motor vehicle is considered to be available for the private use of an employee as soon as it spends a night at the employee’s home address.

Fringe Benefits Tax (FBT) is tax that is levied on non-salary benefits that employers provide to their employees (or associates), including company shareholders and directors. This tax is designed to ensure that employees are not receiving hidden benefits that are not being taxed. Examples of fringe benefits that may be subject to FBT include company cars, health insurance, gym memberships, and more. FBT is separate from income tax with the FBT year running from 1 April to 31 March, with the annual return lodgement due by 25 June each year. Due to the timing of the FBT year it is too late to consider the tax at the same time your company tax return is prepared.

The ATO recently announced a significant change to the way working from home (WFH) deductions needs to be substantiated if you have been using the fixed rate method/short-cut method to claim your deduction. With this change, now is the perfect time to get updated on the change and review the existing rules, including using the alternative actual cost method.

Believe it or not we normally have a mini budget in October every year, however it doesn't usually gain a whole lot of attention and largely passes by unnoticed. This year was different. It was the Labor Government’s first budget in 9 years and we were eagerly awaiting what if anything was going to be announced to assist in easing the ever increasing cost of living pressures.

Before we know it, the eight years to 2030 will have zipped by. If you are thinking about all the things you want to accomplish by the new decade and feel there is not enough time, spare a thought for the ATO’s very ambitious target to make tax ‘just happen’ by 2030.

The impact of a large-scale digital transformation, created by a tax system where tax ‘’just happens’’ will be profound for businesses and the economy. The impact will reach far beyond preventing businesses from using the ATO as a source of credit to fund their operations mentioned in our blog 2030, the year when tax will just happen through digital transformation.

By 2030, tax will just happen. For many in business, tax just happening sounds like a dream come true. According to the ATO Commissioner Chris Jordan, there is a future where “tax just happens.” The timeline for this ambitious goal is a mere 8 years - 2030 is the year flagged for this to become a reality.

Not being able to pay your tax on time can be stressful, particularly if you start getting letters and phone calls from the ATO. The good news is that the ATO are usually only too happy to assist with the payment of your debt by offering you a payment plan. I am going to take a look at some frequently asked questions about what to do if you find yourself not being able to pay your taxes on time.

Single Touch Payroll (STP) is an Australian Government initiative designed to streamline payroll reporting to various government agencies and reduce compliance requirements for employers. STP Phase 1 has been rolled out and mandatory reporting has been underway for all employers for some time.

STP Phase 2 is now being rolled out with mandatory reporting required from 1 January 2022, however not all software suppliers were ready for the 1 January deadline and have been granted a deferral from the ATO, which applies to all users. The deferral deadlines are now looming and the software companies are starting to implement the changes to their systems for you to correctly report your payroll. If you use Xero your start date has been deferred until 31 March 2023 and MYOB users start date has been deferred until 1 January 2023.

Starting a new business is exciting. One of the most enjoyable elements is choosing a name for your new venture. It’s something a prospective business owner can labour over for weeks, I know I did! With the perfect name picked, time and money is then spent registering the name and investing in brand assets such as a logo, website and business stationery. It’s essential the name you choose is not similar or the same as another trademarked name. You don’t want your time and hard earned money to be wasted.

From 30 November 2022 all company directors are required by law to have a director ID. A director ID is a unique 15-digit identifier given to a director or someone who intends to be a director. A director will only ever have one director ID.