The Latest News

ATO’s lodgment penalty amnesty is about to end   The ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for…
Read More
Expanding Employer Sponsored Pathways to Permanent Residence (PR)   On 11 December 2023, the Government released the long awaited Migration Strategy, a 100-page document that includes the strategy that the Government intends to implement in relation to migration into Australia. The strategy is based on 8 key actions:
Read More
Expanding Employer Sponsored Pathways to Permanent Residence (PR)   The Australian Government has announced changes to Australia’s migration system to ensure temporary skilled workers have a pathway to PR. To support this, the Department of Home Affairs is currently working on changes to the:
Read More
Tax issues for businesses that have received a support payment   Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers…
Read More
States and Territories – Nominations status – Subclasses 190 and 491   The program places for the States and Territories nomination programs have been drastically reduced for the 2023-24 program year.  There are variations in the way each state or territory authority is handling its allocation.
Read More
Pandemic stream SC 408 Visa closing    Migration (COVID-19 Pandemic event for Temporary Activity (Subclass 408) visa) Amendment Instrument (LIN 23/061) 2023, amends LIN 22/046 with the effect of closing the ‘COVID’ stream of this visa subclass to new applications from 2 September 2023 and for subsequent applications by current Pandemic Event visa holders until 1 February 2024.
Read More
Appointing an SMSF auditor   The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return.
Read More
Claiming GST credits for employee expense reimbursements   Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities.
Read More
Department produces guidance of employers   The Australian Department of Home Affairs is making information more readily available for employers wanting to: employ a visa holder already in Australia, or looking to sponsor an overseas worker,
Read More
International Graduates   The Australian Department of Home Affairs has implemented changes to the Migration Regulations. The updated rule extends the allowable post-study stay period for certain international students graduating from Australian higher education institutions. From 1 July 2023, post-study work rights for international graduates will be increased from:
Read More
Taxpayers need to get their ‘rental right’   The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and…
Read More
NZ Citizens – Australian Citizenship   The Australian Citizenship (Permanent Resident) Amendment Determination 2023 – LIN 23/024 does not automatically grant permanent residency to NZ citizen Special Category Visa (SCV) holders.
Read More
Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
Read More
$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
Read More
“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year.
Read More
Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.
Read More
‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
Read More
Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
Read More
Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:
Read More