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Practice Updates

September 2023

This month’s Practice Update covers the following topics:
• Appointing an SMSF auditor
• ATO gives ‘Green light’ to lodge
• Different meaning of ‘dependant’ for superannuation and tax purposes
• NALI provisions did not apply to loan structure
• Luxury car tax: determining a vehicle’s principal purpose

October 2023

This month’s Practice Update covers the following topics:
• Taxpayers need to get their ‘rental right’
• Choosing the right PAYG instalment method
• Mildura man jailed for seven years for GST fraud
• Remember the unused concessional contributions cap concession
• Deductions for contributions denied due to notice requirement problems

November 2023

This month’s Practice Update covers the following topics:
• Tax issues for businesses that have received a support payment.
• Care required in paying super benefits.
• Notice of visa data-matching program
• ATO says: “Be cyber wise, don’t compromise”.
• Losses in crypto investments for SMSFs.

December 2023

This month’s Practice Update covers the following topics:
• ATO’s lodgement penalty amnesty is about to end.
• Notice of officeholder data-matching program.
• ATO warning regarding prohibited SMSF loans.
• Don’t forget the two further ‘boosts’!
• Claiming deductions in relation to a holiday home.
• Reminder of December 2023 Quarter Superannuation Guarantee (‘SG’).

January/February 2024

These month’s Practice Update covers the following topics:
• Government announces changes to proposed ‘Stage 3’ tax cuts.
• Changes in reporting requirements for sporting clubs.
• Deductions denied for work-related expenses.
• Sale of land subject to GST.
• Melbourne man sentenced to jail for attempting to defraud the ATO.
• New ATO guidance on “who is an employee?”

March 2024

This month’s Practice Update covers the following topics:
• Super contribution caps to rise.
• Small business concessions.
• FBT time is fast approaching!
• Jail sentence for fraudulent developers.
• Penalties soon to apply for overdue TPARs.
• Avoiding common Divisions 7A errors.

April 2024

This month’s Practice Update covers the following topics:
• How to claim working from home expenses
• Reminder of March 2024 Quarter Superannuation Guarantee (‘SG’)
• Using the ATO’s small business benchmarks
• Quarterly TBAR lodgment reminder • Prepare for upcoming lodgments of SMSF annual returns
• Taxpayer who lived and worked overseas found to be tax resident
• Earning income for personal effort

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