News

The ATO is reviewing arrangements where individuals (at or approaching retirement age) purport to divert personal services income (PSI) to a self managed superannuation fund (SMSF) to minimise or avoid income tax obligations, as described in Taxpayer Alert TA 2016/6 Diverting personal services income to...

The ATO has reminded individuals to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said the ATO has seen “claims for car expenses where logbooks have been made up and claims for self-education expenses where invoices were supplied for...

The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to: increase the small business entity turnover to $10 million from 1 July 2016; increase the unincorporated small business tax discount from 5% to...

Personal middle income tax rate cut on the way The Treasury Laws Amendment (Income Tax Relief) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to amend the Income Tax Rates Act 1986 to increase the third personal income tax threshold...

Share economy participants reminded of tax obligations The ATO has reminded tax professionals to consider clients who may be involved in the share economy. Some individuals may not be aware they have tax obligations when earning income through the sharing economy. The types of goods or...

ATO small business benchmarks updated The ATO has announced the latest benchmarks for small businesses, updated for the 2013–2014 financial year. These benchmarks are a guide to help businesses compare their performance against similar businesses in the same industry. The benchmarks can also be used by...