NEWS & INSIGHTS
ATO rental property blitz
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect...
Company loan to pay down the mortgage
A friend’s accountant suggested that they could reduce interest on a non-deductible debt by using company cash to offset their personal mortgage, and then transferring the cash back by 30 June. Is this an acceptable strategy? This might initially sound like a...
‘OnlyFans’ tax warning
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. In October 2022, OnlyFans CEO Ami Gan announced that...
Benefit from asset finance this EOFY
As the end of the financial year (EOFY) is rapidly approaching, it’s crucial for businesses to review their financial situation and consider opportunities to maximise their tax position. Many businesses are turning to asset finance which can offer benefits including...
Federal Budget 2023-24
Federal Treasurer Dr Jim Chalmers delivered the latest Federal Budget from Parliament House in Canberra on Tuesday 9 May 2023. The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and...
$20k Small business energy incentive
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000. The Small Business Energy Incentive encourages small and medium businesses with an aggregated turnover of less...
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