The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. 

Insurers will be asked to provide...

It is always a pleasure to be able to catch up with our clients before the hustle and bustle of the holiday season. Thank you to everyone who joined us for our end of year client seminar this year, as well as to Bob Cunneen (MLC) and Troy Palmer (Mills Oakley) for comi...

From 1 January 2020, eligible individuals with multiple employers will be able to apply to opt out of receiving super guarantee ('SG') from some of their employers, in order to help them avoid unintentionally going over the concessional contributions cap.

If appropriat...

Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses last financial year. Here are just some examples of the very unusual expenses picked up (and disallowed) by the ATO's systemic review process:

• claims for Lego sets bought as gifts for children, a...

The ATO has advised work-related car expenses will be a key focus again this tax season.

Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in the 2017/18 financial year and this amount to more than $7.2 billion:

"We are...

The ATO has released details of their "Lifestyle assets 2013-14 and 2014-15 financial years data matching program protocol".

They will obtain information on insurance policies for certain classes of assets, including marine vessels, enthusiast motor vehicles, thoroughb...

The ATO has advised it will be targeting false clothing and laundry work-related expense claims this tax time. 

In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant Commissioner Karen Foat noted t...

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year which will reduce overall taxable income in the current year. When prepaying expenses before 1 July 2019, ensure that any service being paid for are t...

There are new simplified depreciation rules in force which entitle small businesses to an immediate deduction for low-cost assets in the year they are first used or installed ready for use for a taxable purpose. 

Thanks to recent changes, small business entity ('SBE') t...

Want to help boost your retirement savings while potentially saving on tax? Here are five smart super strategies to consider before the end of the financial year.

1.    Add to your super – and claim a tax deduction

If you contribute some of your after-tax inco...