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FBT Season 2024: ATO Compliance Update

As the FBT season dawns upon us once again, Wolters Kluwer recently hosted the Fringe Benefits Tax 2024 — Annual FBT Compliance Update with the ATO webinar. Jennifer Madigan, Director, FBT Risk & Governance at the ATO, along with a panel of experts, provided crucial updates on various FBT matters. Here's a summary of the key topics discussed:

Transfer of Business Property Between Family Members in Australia

Transferring business properties between family members in Australia comes with its own set of regulations and steps. Here's a concise guide to help you through the process:

Navigating the Realm of AI Regulation: ASIC's Firm Stand

In a pivotal address at the University of Technology Sydney, ASIC's chair, Mr. Joe Longo, tackled the pressing issue of regulating Artificial Intelligence (AI) within the corporate landscape. With the rapid expansion of AI technology, ASIC's proactive stance underscores the need for responsible governance to navigate this evolving terrain effectively.

Bills to Tighten Foreign Investment Controls

Strengthening Regulations: Australian Government Introduces Bills to Tighten Foreign Investment Controls

In a move aimed at reinforcing oversight on foreign investment in residential properties, the Australian government has introduced new bills to amend regulations and fees. Here's a concise overview of the proposed changes and their potential impact on the real estate market.

Navigating: The Scoop on Fuel Tax Credit Rates for Businesses

Fuel tax credit rates, a crucial aspect of business finances, undergo regular changes, making it imperative for businesses to stay informed and apply the correct rates.

The Scoop on Proposed Changes to Stage 3 Income Tax Cuts

In a strategic move to reshape individual income tax structures, the government has laid out a proposal that promises significant alterations to the legislated "Stage 3" tax cuts. Brace yourselves for the lowdown on these anticipated modifications and their potential impact on your financial landscape.

In: Tax

Navigating Changes to NSW Land Tax: the Family Home Exemption

In the ever-evolving realm of taxation, the NSW State Budget 2023/24 has introduced significant changes to the family home exemption from land tax. This alteration, outlined in the Land Tax Management Act 1956 (NSW) (LTMA), warrants a closer examination of the existing regulations and the impending modifications.

ATO Updates on Goods Taken from Stock for Private Use in 2023–24

In a recent development, the Australian Taxation Office (ATO) has revised the acceptable estimates for the value of goods taken from trading stock for private use in the fiscal year 2023–24. This update brings forth important considerations for taxpayers, especially those in specific industries.

Navigating Updated Reporting Requirements for Not-for-Profits

In a shift towards clearer compliance measures, not-for-profit entities operating with an active Australian Business Number (ABN) will now be required to lodge a NFP self-review return to maintain access to income tax exemption from the 2023–24 financial year onwards.

In: Tax

Savvy Strategies: How to Ensure Your Holiday Home is a Tax Deduction Winner!

Many Aussies cherish having a holiday home, but did you know there are smart ways to get tax benefits from it? As a tax pro, it's crucial to guide your clients in maximising their deductions. In this post, we'll unravel the key considerations and pose essential questions regarding holiday home deductions.

Maximize Returns: ATO's Breakdown of Early Stage Investment Tax Benefits

The Australian Taxation Office (ATO) recently released final guidance on the meaning of "expense incurred" for early-stage investments. This information, found in Taxation Determination TD 2023/6, breaks down key definitions and criteria for businesses and investors looking to benefit from tax incentives.

2023 UVA Update: Your Guide to Maximizing Land Tax Benefits



This article focuses on a recent change in the land tax rules in New South Wales, specifically regarding unutilised land value allowances (UVA).

Land Tax in NSW
Before we go deeper into the specifics, let's ensure we have a solid understanding of the fundamentals.
Land tax is a fee imposed on the value of your land, and it's a significant part of state revenue. The rules governing this in NSW are in the Land Tax Management Act 1956.

In: Land Tax

Unlocking Opportunities: SMSF Rulings Reflect Legislative Changes

In a significant move, the Australian Taxation Office (ATO) has recently updated several Self Managed Superannuation Fund (SMSF) rulings to align with legislative amendments. These changes specifically pertain to the increase in the maximum allowable number of SMSF members, expanding from 4 to 6 members effective from July 1, 2021.

In: SMSF

Understanding the Recent Changes in GST: ATO Withdraws Decision on Multi-Purpose Compression Socks

Understanding the Recent Changes in GST: ATO Withdraws Decision on Multi-Purpose Compression Socks

In a recent turn of events, the Australian Taxation Office (ATO) has made a significant decision reshaping the landscape of Goods and Services Tax (GST) considerations for multi-purpose compression socks. The ATO's withdrawal of its interpretative decision has created ripples in the business world, urging a closer examination of the new guidelines set forth by the authority.

Staying Compliant with FBT Regulations: Updated Guide for Employers

In the dynamic realm of tax regulations, staying current is crucial for employers. The Australian Taxation Office (ATO) has recently rolled out substantial updates to Chapter 16 of the "Fringe benefits tax — a guide for employers." These modifications aim to provide greater clarity on car parking fringe benefits and align with the revised Taxation Ruling TR 2021/2. In this blog post, we'll delve into the latest changes and their implications for employers.

ATO Class Rulings Issued and Practice Statement Update CR 202358, CR 202359, and PS LA 20132

The Australian Taxation Office (ATO) has recently issued two vital class rulings and made changes to an important practice statement. In this blog post, we'll break down Class Ruling CR 2023/58 and CR 2023/59, which are all about Vanguard retail funds and Park AI Pty Ltd. We'll also discuss the updates to Law Administration Practice Statement PS LA 2013/2 and how it affects you. Let's dig into these recent tax-related developments and how they can impact your finances.

How to Get a Medicare Levy Exemption: What You Need to Know

The Medicare Levy is an important part of Australia's healthcare system. However, some people can get an exemption from paying it. This article explains who can get an exemption and how to claim it. This exemption is called "exemption category 3" when you're doing your tax return.

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