bg-imgs

New Updates on the First Home Super Saver Scheme: What You Need to Know

Following recent legislative amendments, the Australian Taxation Office (ATO) has updated its guidance on the First Home Super Saver (FHSS) Scheme. The Treasury Laws Amendment (2023 Measures No 3) Act 2023 aims to enhance the flexibility of the FHSS Scheme, effective from 15 September 2024. With these changes, the ATO has released Taxation Ruling TR 2024/4 and Guidance Note GN 2024/1, replacing the outdated Law Companion Ruling LCR 2018/5 and Guidance Note GN 2018/1.

End-of-Year STP Finalisation – Key Steps for Compliance and Financial Planning

As the financial year comes to a close, employers using Single Touch Payroll (STP) must finalise their employee data. This process not only ensures compliance but also presents an opportunity to streamline payroll operations, improve tax planning, and even reduce errors that could impact your financial standing.

Uber's Payroll Tax Win: What It Means for Rideshare and Gig Economy Businesses

The recent NSW Supreme Court decision regarding Uber Australia Pty Ltd has significant implications for the gig economy, particularly for rideshare companies and their drivers. In a landmark ruling, the court determined that payments made by Uber to its drivers are not considered wages for payroll tax purposes. Let's delve into the details of this case and its impact on the payroll tax landscape.

Expanded First Home Duty Concessions in WA: A New Opportunity for First-Time Buyers

The recent legislative amendments in Western Australia bring good news for first-time home buyers. The Duties Amendment (First Home Owner Concessions) Bill 2024 has been enacted, becoming Act No 27 of 2024. This amendment to the Duties Act 2008 (WA) significantly increases the first home owner duty concession.

Tax-Smart Tips for Your Investment Property


Owning an investment property in Australia offers great potential for income, but it also comes with specific tax obligations and entitlements. Here are some essential tax-smart tips to help you navigate the financial landscape of property investment.

Record Keeping Makes Tax Time Easier
Keeping thorough records from the beginning can save you a lot of hassle and ensure you maximize your deductions and entitlements. Here's what to keep track of:

Buying: Keep records such as the contract of purchase, settlement statement, conveyancing documents, loan documents, and any costs associated with buying the property.
Owning: Maintain proof of rental income, all expenses, periods of private use, loan documents, capital improvements, and depreciating assets.
Selling: Keep the contract of sale, conveyancing documents, sale fees, and calculations of your capital gain or loss.

Understanding Promoter Penalty Laws: Protecting Your Business from Unlawful Tax and Super Schemes

Staying informed about the legal landscape surrounding tax and superannuation is crucial for safeguarding your business and clients. One of the key areas of concern is the promoter penalty laws, which target schemes that claim to provide tax advantages but fail to comply with the law.

Are You Eligible for Tax Breaks as an Early Stage Investor?

If you're investing in early stage companies in Australia, you might be eligible for special tax breaks that could save you money. These tax incentives, available since 1 July 2016, are designed to reward investors in innovative startups, known as Early Stage Innovation Companies (ESICs).

How to Prevent Common Mistakes When Filing Your 2024 Annual SMSF Return

Lodging your 2024 Self-Managed Super Fund (SMSF) annual return is an important task, and getting it right ensures a smooth and efficient process. The SMSF annual return is more than just a tax return; it includes essential regulatory information, member contributions, and the SMSF supervisory levy. Here’s how you can avoid some common errors:

Key Points to Remember

In: SMSF

Ensure Your Financial Services Stay Connected

Preparing for the 3G Network Shutdown: Key Information for Small Business Owners

Since 2019, Australia's mobile network operators have been planning to shut down their 3G networks to enhance the capacity, speed, and reliability of their 4G and 5G networks. As a small business owner, it is essential to understand how this transition may impact your operations and take appropriate measures to stay connected.

Company Law – Sustainable Finance Roadmap Released

On 19 June 2024, the Albanese government launched its highly anticipated Sustainable Finance Roadmap (Roadmap). This comprehensive blueprint is designed to assist companies, investors, and the broader community in seizing the immense opportunities that come with Australia’s transition to net zero emissions. The Roadmap is poised to:

Share Sale Agreement: Taxpayer Victory Against Market Value Rule

AAT Rejects Commissioner’s Amended Assessments: A Win for the Moloney Trust

The Administrative Appeals Tribunal (AAT) has overturned the amended assessments issued by the Commissioner of Taxation, who had applied the market value substitution rule in section 116-30 of the Income Tax Assessment Act 1997 (ITAA 1997). This rule was used to significantly increase the valuation of shares in a share sale agreement involving the Moloney Trust. Despite claims that the parties did not deal at arm's length, the AAT sided with the taxpayers, accepting their expert witness's valuation of the business. This decision allowed the Moloney Trust to satisfy the maximum net asset value test, ensuring small business concessions were applicable.

ASFA Retirement Standard March 2024 Quarter: Key Findings

The Association of Superannuation Funds of Australia (ASFA) has released its Retirement Standard figures for the March 2024 quarter. Here’s what you need to know:

Landholder Duty in NSW: Assessment and Valuation of Buried Pipeline

The NSW Supreme Court has made a significant decision regarding landholder duty under Chapter 4 of the Duties Act 1997 (NSW). In the case of Conexa Sydney Holdings Pty Ltd v Chief Commissioner of State Revenue (NSW) 2024 ATC ¶20-912; [2024] NSWSC 628, the court ruled that an underground pipeline is dutiable as "goods" for assessment purposes under Section 155 of the Act.

Stay on Top of Your Tax Game: ATO Focus Areas for Tax Time 2024!

With tax time 2024 just around the corner, it's crucial to be aware of the ATO's focus areas to ensure a smooth and error-free tax return process. Here's what you need to know:

Your Comprehensive Guide to Australian Tax Returns 2024

Navigating Australia's tax landscape can seem daunting, but it doesn't have to be! Let's break down everything you need to know for the 2024 tax season, making it easier than ever to stay compliant and informed.

Understanding Australia's Tax System

Australia's progressive tax system means the more you earn, the more you pay in taxes. With the tax year running from 1 July to 30 June, it's essential to be aware of key dates to avoid penalties and make the most of your financial planning.

Important Tax Dates for 2024

21 January 2024:
Ensure you've paid the quarterly PAYG activity statement for head companies of combined business groups for June 2023–24. Remember, businesses earning less than $10 million annually, filing GST returns online monthly, are exempt from the December 2023 monthly business activity statement.

28 January 2024:
Don't forget your superannuation guarantee contributions for the October-December 2023 period (Quarter 2 of 2023-24). Timely payments are crucial to avoid penalties and ensure compliance.

15 May 2024:
Entities not previously obligated to submit must file their 2024 tax filings. This includes surviving combined entities, companies, and superannuation funds. Individuals and trusts must adhere to payment deadlines as per their notice of assessment.

25 June 2024:
Tax returns for all entities exempt from taxes or receiving a credit evaluation must be submitted by 15 May 2024. Failure to meet this deadline could result in penalties, but the ATO offers some concessions for timely lodgment and payment.

30 June 2024:
To claim a tax deduction for the 2023–24 financial year, ensure super guarantee contributions are paid by the deadline. Additionally, clients receiving Child Care Subsidy and Family Tax Benefit payments must submit their 2022-23 tax return by 30 June 2024.

1 July 2024:
Before jumping into tax season, ensure your documentation is 'tax ready,' especially if you have a full-time job and a side business. Employers have until 14 July to update and upload PAYG tax and superannuation payments.

31 October 2024:
Individuals, sole proprietors, contractors, and trusts must file tax returns with the ATO by this date. However, using a tax professional extends this deadline to 15 May, conditional on registration by 31 October.

28 February 2025:
Medium to large trusts with an income exceeding $10 million must submit tax returns by this deadline, including new registrations for these trusts.

31 March 2025:
Individuals and trusts with a tax liability of $20,000 or more must file tax returns by this due date.

Conclusion

Filing your tax return on time and understanding the intricacies of Australia's tax system can save you time, money, and stress. If you're unsure or need assistance, professional advice is invaluable. Don't hesitate to reach out to experts like Ideas Group for guidance on preparing your BAS, IAS, or any tax-related queries. We're here to help you navigate tax season with ease and confidence!

In: Tax

Strengthening the Foreign Resident Capital Gains Tax Regime

The Government is taking action to enhance the foreign resident capital gains tax (CGT) regime. Announced on 14 May 2024 as part of the 2024–25 Budget, these measures aim to ensure foreign residents pay their fair share of tax in Australia and provide clearer rules for everyone involved.

In: tax guide

Warning: Think Twice Before Accessing Your Super Early

Superannuation is a crucial part of retirement planning, designed to ensure you have enough funds to live comfortably when you stop working. While it may be tempting to dip into your super for immediate financial needs, doing so without meeting the strict conditions can land you in hot water.

Spotting Illegal Early Access Schemes

Be wary of schemes suggesting you use a self-managed super fund (SMSF) to access your super early for purposes like paying off business debts, buying a car, or funding a holiday. These are often warning signs of illegal early access schemes.

Educate Yourself

Our fact sheet provides detailed insights into these schemes, helping you identify the warning signs and avoid potential pitfalls. Download it to stay informed.

The Risks of Illegal Super Access

Illegally accessing your super can lead to severe consequences:

  • Disqualification: You may be disqualified as an SMSF trustee, which becomes a part of your public record.

  • Financial Penalties: Expect to pay additional tax, penalties, and interest, making it a costly mistake.

What Should You Do?

If you've accessed your super early or suspect any fraudulent activity, don't hesitate to contact us. We're here to help you navigate the complexities and ensure you're on the right track for a secure retirement. Remember, it's never too late to seek advice and rectify any mistakes. Stay informed, stay safe!

Source: ATO  Published 18 April 2024

  • Should you have any queries, please contact Tax Ideas Accountants & Advisers on
    +61 2 83181545
  • Alternatively, you can book an appointment in our live calendar.

Leave a Reply

    Search form

    Categories

    See all

    Growth Is Just One Click Away

    Don't feel like calling? Just share your goals and situation & our expert will get in touch.

    Schedule A Meeting with "The Ideas"!

    How long would you like the meeting to be?