Avoiding the ATO Gift Tax Trap: What Rules You Should Know
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Avoiding the ATO Gift Tax Trap: What Rules You Should Know

When gifts are taxed In Australia, most gifts (freely given without expecting any returns) aren’t taxed by the ATO (Australian Taxation Office). But there are some exceptions. Gifts from Foreign Trusts can be taxed If you get money or assets from a foreign trust, you may need to report it on your tax return. You’ll…

Important Changes to How Tax Advisers Work with You
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Important Changes to How Tax Advisers Work with You

New rules in Australia are changing how tax advisers work with their clients. These changes aim to make the tax system fair and transparent. If you work with an accountant or tax agent, here’s what you need to know. Why the Rules Changed The new rules for tax advisers in Australia came about after a…

Is the ATO Watching You For Expensive Assets?
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Is the ATO Watching You For Expensive Assets?

Probably.  The Australian Taxation Office (ATO) new programs are focusing on investment property and luxury items owners.  So, if you own luxury items like boats or planes, they may look at your assets and your tax returns more closely.  Here’s what you should know.  Investment Properties (Report Everything)  The ATO has started collecting detailed info…

What you need to know about Deductions if You Work from Home
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What you need to know about Deductions if You Work from Home

Not sure how much tax you owe now that you work from home? Here’s a quick overview of everything you need to know What deductions can I make if I’m working from home? There are 2 ways you can claim deductions. What work-from-home (WFH) tax deduction do I qualify for? You don’t need to work…

Can You Sell Your Home Tax Free? The truth about the “Main Residence Exemption
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Can You Sell Your Home Tax Free? The truth about the “Main Residence Exemption

You may have heard that selling your family home is tax free. That the “Main Residence Exemption” can exempt your home from capital gains tax (CGT). Well, like all things tax related… … it depends on whether the property you’re selling meets the Australian Taxation Office’s (ATO) “Main Residence” criteria. What Makes a Home Your…

Lower Your Taxes With The July 1 2024 Super Contributions Cap Increase
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Lower Your Taxes With The July 1 2024 Super Contributions Cap Increase

If you feel you might be paying too much tax, then you probably are. And if that’s you, you’ll love this new announcement from the ATO about the super contribution cap 2025. Starting from July 1, 2024, you’ll be able to contribute more to your super. Here’s how you can take full advantage of this…

Ato Tax Rules About Using Your Company’s Money
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Ato Tax Rules About Using Your Company’s Money

You have an idea for a business. You see an opportunity in the market. Your company is registered and you are ready to go. So, you use your savings to kickstart your new practice. That way your business can thrive, unburdened by pressures from the banks. All the money earned stays in the business, and…

Contractor or Employee: ATO’s Cautionary Guidelines
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Contractor or Employee: ATO’s Cautionary Guidelines

Navigating the complexities of employment classifications, the Australian Taxation Office (ATO) issues a stern warning that simply designating a worker as an independent contractor in an agreement does not automatically align with tax and superannuation purposes. The presence of an Australian Business Number (ABN) is also not conclusive evidence of genuine contractor engagement. Clarifying the…