NEWS & INSIGHTS
Communications from the ATO
In the last few years, you might have noticed some ATO correspondences being sent to your myGov account inbox or being posted to you, instead of being sent to your accountants at Shakespeare Partners. As a business owner, you have a few options regarding communication...
Importance of Loan Reviews
In a market of steadily increasing interest rates, there has never been a more important time to review your current home or investment loan. At the time of taking out the loan for the purchase or refinance of your property, it is true to say that you would have been...
Superannuation above $3 million will increase to 30%
Future earnings for superannuation balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025-26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional...
Claiming deductions on holiday homes
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise...
Working from home expenses
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to...
Trust distributions update from ATO
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups...
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