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Sounds like a Seinfeld bit, doesn’t it? But seriously, are they buying or bailing? Everyone’s got an opinion, depending on who you ask and what you read. This difference in opinion could be due to the fact that despite strong investment growth nationally over the past 12 months, new loan commitments have eased slightly since...
With just one RBA rate decision left for 2024, homeowners may be holding onto hopes of a summer cut. We look at when rates may start falling – and how you could possibly give yourself a rate cut before Christmas. “Are we there yet?” It’s the catch cry of kids on long summer road trips,...
Looking for something to distract you from the deluge of red, white, blue (and orange) infused news this past week? Perhaps a look at the fluctuating values of homes in some of Sydney’s most – and least – affordable locations will momentarily put a pause on the spiral. As it turns out, sustained high interest...
In a recent decision, a taxpayer’s claims for various work-related expenses were rejected by the AAT. The taxpayer was employed as a traffic controller in the 2020 income year. In his income tax return for that year he claimed $9,800 in work-related deductions, including for car expenses (using the cents per km method), travel expenses,...
The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018. It will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations, including that the applicant has no other means to pay the...
From 1 April 2025, a plug-in hybrid electric vehicle (‘PHEV’) will not be considered a zero or low emissions vehicle under fringe benefits tax (‘FBT’) law and will not be eligible for the electric car FBT exemption. However, an employer can continue to apply the electric car exemption if: ■ use of the PHEV...
The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service providers against ATO records, including service provider identification details and payment transaction details. The ATO estimates that records relating to approximately 60,000 service providers will be...
The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to a deduction for fees for financial advice to the extent that the loss or outgoing is incurred in gaining or producing assessable income,...
The ATO is reminding taxpayers that it is important to lodge BASs and pay in full and on time to avoid penalties and interest charges. The BAS for the first quarter of 2024/25 is generally due on 28 October, but taxpayers may receive an extra: ◆ four weeks if they lodge through a registered tax...
As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: ❑ Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this...
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