From 1 April 2025, the Australian Taxation Office (ATO) is introducing a significant change that may affect your business. Certain small businesses that currently lodge their Business Activity Statement (BAS) quarterly will be required to transition to monthly GST reporting. What’s Changing? If your business is selected, you will need to report and pay GST …
Over the past six weeks, we have encountered two separate incidents where clients have received supplier invoices that may not comply with current tax regulations. One example of such an invoice included wording similar to this: “This organisation is a humanitarian, not-for-profit, tax-exempt, non-government organisation, and as such is not required to quote or hold …
Ensuring Compliance with Supplier Payment Obligations Read More »
The Australian Taxation Office (ATO) is significantly ramping up its efforts to enforce tax compliance. At Henson Lloyd Accountants, we’ve noticed a sharp rise in the ATO’s requests for Superannuation Guarantee Charge (SGC) statements, the denial of remission requests, and an increasingly strict approach to chasing unpaid debts. This crackdown is particularly focused on company …
Surge in Director Penalty Notices: What You Need to Know Read More »
Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions: How many days during the income year did …
Claiming deductions in relation to a holiday home Read More »
The AAT (Administrative Appeals Tribunal) recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 for $1.6 million, and he subsequently took steps …
Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a game, sport or animal racing. Any other purpose of the organisation must be incidental, ancillary …
Changes in reporting requirements for sporting clubs Read More »
The ATO has made changes to the way that working from home deductions can be claimed by eligible taxpayers in the 2023 income year. If you have genuinely worked from home at any time from 1 July 2022 to 30 June 2023, you may be eligible to use the ATO’s revised fixed-rate (67 cents per …
Changes to the way working from home deductions are claimed for 2023 Read More »
Here at Henson Lloyd Accountants we are always looking for ways to improve our client experience. The ATO are dedicated to continuing the digital conversion of their services, and reducing the paper correspondence sent both directly to you and us as your tax agent. We are therefore excited to introduce you to ATOmate – …
If your business meets certain criteria the ATO may disclose your debt information to credit reporting bureaus (also known as credit reporting agencies). The ATO will not report your debt information to credit reporting bureaus if you’re already engaged with them to manage your tax debts. The ATO may report your business tax debit …
