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.

TaxationJPR BUSINESS GROUP8 August 2024Taxation, australian tax office

$20k instant asset write-off passes Parliament

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

TaxationJPR BUSINESS GROUP5 July 2024instant tax write-off, Taxation

What’s ahead for 2024-25?

Will 2024-25 be another year of volatility or a return to stability?

Taxation, SuperannuationJPR BUSINESS GROUP2 July 2024Taxation, superanuation

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.

TaxationJPR BUSINESS GROUP1 July 2024Taxation, family home

The essential 30 June guide

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

Company Money Crackdown

It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.

Taxation, New BusinessJPR BUSINESS GROUP29 April 2024ATO, australian tax office, Taxation, Tax law

Tax Traps of Fringe Benefits

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.

TaxationJPR BUSINESS GROUP7 March 2024tax, Taxation, Fringe benefit tax, ATO, australian tax office

The Tax Office Debt Dilemma

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

TaxationJPR BUSINESS GROUP1 March 2024Taxation, australian tax office

The problem when the evidence doesn't match what the taxpayer tells the ATO

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.

TaxationJPR BUSINESS GROUP9 January 2024ATO, Taxation, australian tax office

Tax Super Balances Above $3m hits Parliament

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.

Superannuation, TaxationJPR BUSINESS GROUP11 December 2023Taxation, superanuation