In the world of tax, good intentions only go so far. A recent case involving subdivided farmland before the Administrative Appeals Tribunal (AAT) reinforces that evidence must support the tax position you are taking.
The case involves…
https://www.optimisedaccounting.com.au/wp-content/uploads/2024/02/ThumbEvidenceATO.webp11931206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2024-02-12 09:53:202024-02-12 09:53:20Guilty as Charged: when your evidence doesn’t match what you tell the ATO
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/12/ThumbHomeLossClaim.webp11931206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-12-12 10:56:152023-12-12 10:56:15Taxpayer gets away with claiming a loss on her home
Employers & business
Superannuation guarantee increases to 11% from 10.5%
National and Award minimum wage increases take effect.
The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/10/ThumbSummary.webp11931206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-10-24 08:30:582023-10-19 15:44:26A summary of all business tax changes this year
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
“Everyone else got refunds,…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/10/ThumbScandal.webp11931206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-10-17 08:30:572023-10-17 09:52:53The Billion Dollar TikTok Scandal
The tax refund many Australians expect has dramatically reduced. We show you why.
There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/08/ThumbTaxRefund.jpg11941206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-08-29 08:38:532023-08-29 09:47:57Why is my tax refund so small this year?
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.
The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of…
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.
Back in October…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/06/InstaContent_01_Small.jpg10001011adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-07-11 08:38:092023-06-15 13:47:26Tax obligations for online content creators
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%.
In a very quick turnaround from announcement to draft legislation,…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/05/Insta3mSuper.jpg11941206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-06-27 08:38:392023-06-01 13:44:01$3 million+ Super balance nest eggs will get their tax doubled
Last year we had a double deal of government budgets, and without even coming full circle yet, it's time for this year's budget.
Businesses have limitations and compliance warnings to be aware of,…
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/05/InstaBudget.jpg11941206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-05-10 16:31:172023-06-01 13:46:12Slower asset write offs, some tweaks & changes to tax, and more money for ATO compliance!
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer.
Among all the generosity from Australians, celebrities and businesses,…
https://www.optimisedaccounting.com.au/wp-content/uploads/2020/02/dec-bushfires.png800800adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2020-02-04 12:22:132020-02-04 12:32:17Bushfire relief from the ATO
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off.
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/09/gloves-off-blog.jpg675900Third party articlehttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngThird party article2019-09-03 12:15:432020-03-02 12:21:53ATO take ‘gloves off’ on overseas income
Get ready for tax time
Tax time has arrived, and we have put together some practical information to help rental property owners prepare and lodge your tax return this year.
There are helpful resources available for rental property…
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/08/rental-door.jpg10001000Third party articlehttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngThird party article2019-08-01 12:19:402019-11-01 16:31:06Own an investment property?
PAYG Instalments, something that alot of our clients get confused about.
Pay as you go instalments (PAYG) get issued by the ATO, and you get sent a welcome or adjusted letter.
But do you understand it? Shaun Farrugia explains all you need…
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/03/payg-feature.png555609adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2019-03-12 15:30:232023-08-21 13:04:48What are PAYG Instalments?
We have had a few phone calls regarding some scam phone calls from some very dodgy people claiming to be the ATO. It's important that you know what to do, and you don't fall into their trap.
So, someone is calling you claiming to be the…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/11/ATO-scam-image-2.png7681024adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-11-30 12:07:322023-08-21 13:01:12How do I know it’s really the ATO calling me?
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