News

Practice Update March 2026 covers following points: Know when a new logbook is required Keeping a car logbook may be required to accurately calculate the business-use percentage of vehicle expenses (e.g., fuel, registration, insurance and depreciation) for tax deductions. Taxpayers can keep the same logbook for their car for five years, but there are circumstances […]

Practice Update March 2026 covers following points: $20,000 instant asset write-off extended Editor: The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be […]

Practice Update January-February 2026 covers following points: Mandating cash acceptance The Government recently announced that it was delivering on its commitment “to mandate cash acceptance for essentialpurchases by finalising regulations that require fuel and grocery retailers to accept cash from 1 January 2026.” The changes mean that, from 1 January 2026, most food and grocery […]

Christmas Parties & Gifts December 2025 following points: Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing […]

Practice Update December 2025 covers following points: Alternative providers to the SBSCH Employers should start preparing for the permanent closure of the Small Business Superannuation Clearing House (‘SBSCH’) on 1 July 2026. By acting now to find an alternative service, employers will have an established process in place to pay super guarantee (‘SG’) for the […]

Practice Update November 2025 covers following points: Dual cab utes and FBT The ATO wishes to dispel the ‘common myth’ that dual cab utes are automatically exempt from fringe benefits tax (‘FBT’). If an employer provides dual cab utes to staff to complete their duties and the vehicle is available for personal use, then the […]

Practice Update September 2025 covers following points: Employees incorrectly treated as independent contractors The ATO is warning businesses that if they incorrectly treat an employee as an independent contractor, then they risk receiving penalties and charges, including: PAYG withholding penalty for failing to deduct tax from worker payments and send it to the ATO. Super […]

Practice Update September 2025 covers following points: ATO to include tax ‘debts on hold’ in taxpayer account balances From August 2025, the ATO is progressively including ‘debts on hold’ in relevant taxpayer ATO account balances. Editor: A ‘debt on hold’ is an outstanding tax debt where the ATO has previously paused debt collection actions. Tax […]

Practice Update August 2025 covers following points: Paid parental leave changes have now commenced As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to […]

Practice Update July 2025 covers following points: Changes to car thresholds from 1 July The car limit for the 2026 income year is $69,674. This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or […]

Practice Update June 2025 covers following points: ‘Wild’ tax deduction attempts The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as […]

Practice Update March 2025 covers following points: How to manage business day-to-day transactions? The ATO has the following tips for small business owners “that can make your tax life easier”: They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect […]

Practice Update March 2025 covers following points: ATO’s new focus for small business ‘specific risk areas’, where it is concerned “small businesses are getting it wrong”: Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move […]

Practice Update March 2025 covers following points: How to master employer obligations in 2025? Taxpayers who employ staff should remember the following important dates and obligations Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. They should identify […]

Practice Update January and February 2025 covers following points: CGT withholding measures now law ATO debunks Division 7A ‘myths’ ATO’s notice of rental bond data- matching program Study/training loans — What’s new When to lodge SMSF annual returns $13.6m in penalties imposed for false R&D claims Click here for Practice Update January and February 2025

Practice Update December 2024 covers following points: Can staff celebrations attract FBT? Reminder of December 2024 Quarter Superannuation Guarantee (‘SG’) ATO’s tips for small businesses to ‘get it right’ Taxpayer’s claims for various ‘home business’ expenses rejected SMSFs cannot be used for Christmas presents! ATO reminder about family trust elections Click here for Practice Update […]

Practice Update October 2024 covers following points: Avoid a tax time shock Reminder of September Quarter Superannuation Guarantee (‘SG’) myGovId changing its name to myID Valuing fund assets for SMSFs ATO security safeguards for victims of fraud recently enhanced ATO’s notices of data-matching programs Click here for Practice Update October 2024

Practice Update September 2024 from Camberwell Accountants. Taxpayers can start lodging their tax returns Business self-review checklist: GST classification of products Storing correct records for work-related expenses Tax incentives for early stage investors Receiving payments or assets from foreign trusts Penalties imposed on taxpayer who falsely amended tax returns Click here for Practice Update September […]

Practice Update August 2024 covers following points: ATO’s tips for correctly claiming deductions for rental properties Notice of online selling data matching program Importance of good record keeping when claiming work-related expenses SMSFs acquiring assets from related parties Small business energy incentive available for the 2024 income year Federal Court overturns AAT’s tax resident decision […]

Practice Update July 2024 covers following points: ATO’s ‘main residence exemption tips’ Reminder of June 2024 Quarter Superannuation Guarantee (‘SG’) Notice of Medicare levy exemption data-matching program ATO may cancel inactive ABNs New lodgment obligation for income tax exempt organisations Family trust elections and interposed entity elections Taxpayers able to apply CGT small business concessions […]