The ATO is intensifying its focus on fringe benefits tax (FBT), with increased reviews, data matching, and crackdowns on non-lodgers signalling that FBT can no longer be treated as a low-priority compliance area.
Discussion around tax reform is increasing ahead of the 2026/27 Federal Budget. Attention has already been on tax reform however, current economic conditions are expected to intensify pressure for more comprehensive changes.
Last week, the Federal Government passed legislation introducing a new tax on very large superannuation balances. Division 296 tax or the $3 Million Super Tax as it is known by the media, will apply from 1 July 2026 and targets individuals whose total super balance exceeds $3 million.
With the property market continuing to grow, more people are buying, developing and selling property.
Late last year, the Australian Taxation Office (ATO) released new draft guidance explaining how tax applies to rental properties and holiday homes.
Receiving a Director Penalty Notice (DPN) can be a stressful situation, which can be difficult to navigate. These situations become even more stressful for former company directors who may feel trapped by their past responsibilities
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.
The Super Guarantee Charge (SGC) is a mechanism as part of our Superannuation system which ensures employers make the required superannuation contributions on behalf of their eligible employees.
This time of year can often be stressful as the complexities and ever-changing regulations of lodging your tax can make the process seem overwhelming. In an effort to save time and money some people, particularly those who are at a younger age, may choose to take on the task of preparing their tax returns themselves. However, what might seem like a simple task can actually cause you quite a bit of trouble if executed incorrectly.
The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…