The TOP 10 BEST Tax Accountants in Freshwater QLD for 2023

clpw7a0y4000b08lb3knhdtoz Holiday homes not genuinely available for rent

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Owners of holiday homes should be aware that deductions may not be able to be claimed where a property is not genuinely available for rent. Factors that may indicate a property is not genuinely available for rent may surprise, and could include “unreasonable or stringent conditions” placed on renting out the property, such as “no children” and “no pets”. In instances where there is a short-term accommodation restriction by the State or Local government for part of the year, or where the owner uses the property for personal purposes for part of the year, expenses may have to be apportioned.

clpm74dwo000b08iff5q90p9h ATO pauses debts on hold campaign

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The ATO has apologised for the “unnecessary distress” caused to taxpayers with its recent awareness campaign around tax debts that were previously put on hold. Recently, the ATO had written to some small businesses with debts on hold greater than $50 to inform them that offsetting of debts will apply. It notes that the purpose of the letters was to ensure that taxpayers had full visibility of their existing debts with the ATO, however, it will pause the campaign to allow a review into its overall approach to debts on hold before progressing any further.

clpc6rm9l000b08l9965958hc Employer SG obligations: annual report

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In the most recent employer super guarantee compliance and obligations report from the ATO, most employers seem to be doing the right thing by their employees and complying with super guarantee obligations without intervention. This rate has remained steady from the previous year. Going forward, as a part of the government announced a package to move to “pay day” super, the ATO will have improved SG recovery targets each year which is to commence from the 2026-27 financial year.

clp2729re000k08jrfqkmaksa ASIC identifies suspicious investment opportunities

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ASIC has published an investor alert list which may help consumers to identify whether entities they are considering investing with could be fraudulent, a scam or unlicensed. This new investor alert list replaces the previous list of “companies you should not deal with” issued by ASIC but has the advantage of including both domestic and international entities that the regulators are concerned about. The alert list also includes imposter entities. For consumers looking to invest, ASIC recommends conducting various checks before handing over any money.

clos5hgjm000b08l811q922ua ATO’s GST compliance focus

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At a recent conference, the ATO’s GST focus areas for 2023-24 were outlined. In addition to its previous focus on small businesses, the ATO will also implement a targeted industry strategy in relation to privately owned high wealth groups focusing on retail, construction, and retirement village industries. It is hoped that this targeted approach will allow the ATO to understand the distinctive issues facing each industry and pinpoint areas or risk to develop tailored approaches to ensure entities within particular industries are paying the correct amount of GST.

cloi5dkg9000b08l870zac9ko International businesses and GST

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GST is a broad-based tax on 10% of most goods, services and other items sold or consumed in Australia. It doesn’t just apply to Australian businesses; international businesses may need to register and pay Australian GST if their GST turnover from sales connected to Australia is AUD$75,000 or more over a 12-month period. For most international businesses, the easiest way to manage this obligation is to apply for simplified GST registration with the ATO, which will allow for online lodgment and payment of GST obligations.

clo86t0l4000d08mh4nk8e4o3 Regulation of crypto exchanges on the horizon

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The government has finally taken the first steps to introduce a regulatory framework for crypto exchanges and digital asset platforms in the interests of consumer protection. It proposes to incorporate digital asset platforms and other intermediaries within the existing financial services framework which will involve the introduction of a new type of financial product called a “digital asset facility”. The existing AFSL framework would then apply to any person carrying on a financial services business in Australia in relation to a digital asset facility.

clny6y0ap000k08mm01nm92ge Proposed mechanisms for payday super

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In an effort to reduce wage theft and prevent losses in retirement income for many Australians, the government is seeking to legislate its payday super measure, as first proposed in the 2023-24 Federal Budget. As the first step, a consultation paper has been released which proposes two models that could be used to implement the measure. Based on the outcomes of the consultation, the government will redesign the super compliance framework to incorporate payday super, which is proposed to commence from 1 July 2026 subject to the passage of legislation.

clno4yjtk000b08msbnjr40t9 Sharing Economy Reporting regime

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Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the Sharing Economy Report Regime. Generally, all operators of electronic distribution platforms (EDPs), must report transactions made through the platform. While the regime ostensibly applies to EDP platforms, it is expected to heavily affect individual taxpayers with the information obtained through the program to be used in ATO data matching and compliance projects.

clne6dn2g001008mmfuh239ag Deductions related to holding vacant land

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The ATO has recently released a Ruling that clarifies when deductions for losses and outgoings that relate to holding vacant land will be denied in relation to individuals not conducting a business or in primary production. Among other things, it provides guidance on what is considered to be a substantial and permanent structure on the land, under what circumstances the structure is considered to be available for use, and what structures are considered to be independent and not incidental to the purpose of any other structure.

cln46oi4p000e08mb3xgrdrpu ATO shifting to firmer debt collection

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The Commissioner has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to. It warns business taxpayers not to treat ATO liabilities like a free loan, and reiterates that businesses are only temporary custodians of GST, PAYG withholding and super guarantee. In addition to applying General Interest Charge (GIC) to unpaid debts, the ATO also has stronger enforcements actions in its arsenal including issuing garnishee notices and legal action.

clmu3ffjf000d08lb7pl52kha Compliance actions available to the ATO: SMSFs

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In response to an increasing number of SMSFs identified as not complying with their superannuation obligations, the ATO has increased scrutiny of the sector. It is essential for SMSF trustees to understand the range of compliance actions available to the ATO in the event of non-compliance and proactive ways to address gaps to avoid more severe consequences for both the trustee and the fund. According to the ATO, where a contravention has occurred, trustees cannot escape consequences by winding up the SMSF and rolling over benefits to an APRA regulated fund.

clmk5u96y000d08migf08cntx SMSF compliance activity escalation

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The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been identified as not complying with superannuation obligations. For the 2023 year, the ATO says it has issued double the amount of tax and penalties when compared with the 2022 income year, and the number of disqualifications has tripled. According to the ATO, the most common reason for applying penalties was SMSFs allowing illegal early access of super benefits by fund members.

clma5ls86000q08jzh1ms8wcf ASIC calls on lenders to support customers

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With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into financial stress. It is with this background that ASIC has issued an open letter to various banks, credit institutions, and lenders, calling on them to ensure that their customers have the appropriate level of support. It has further reminded lenders that under s 72 of the National Credit Code, providers must consider varying a customer’s credit contract if they are notified that these credit obligations are unable to be met.

clm05fbts000h08l0gl7p2lbn ATO crackdown on TPAR lodgments

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This tax time, the ATO is cracking down on taxpayers not lodging their Taxable Payments Annual Report (TPAR). It has recently issued more than 16,000 penalties for businesses who failed to lodge their TPARs for previous years despite receiving multiple reminders. The average penalty for non lodgment was approximately $1,110. TPAR information is used to check for red flags, including not reporting income, not lodging tax returns or activity statements, overclaiming GST credits or misusing ABNs for contractors and sole traders.

cllq5ymzt000d08l2f5cb405t Small business bonus deduction: technology investment

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Small businesses may be able to get a bonus 20% deduction for any business expenses and depreciating assets used improve their digital operations. This includes digital enabling items such as computer software and hardware, digital media and marketing, e-commerce related goods or services, and systems or monitoring services related to cyber security. The bonus deduction applies to up to $100,000 of eligible expenditure incurred in each relevant period, with a maximum bonus deduction amount of $20,000 per income year or specified time period.

cllg1yq3d000h08mqc8a7bvi8 Does GST apply to crypto-assets?

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The issue of GST and crypto-assets have started concerning more businesses as digital currency becomes more common-place in terms of trading and using the assets for payment. The GST treatment of assets will largely depend on whether a crypto-asset is considered to be a digital currency, and whether digital currency it is being used as a part of a trading operation or used as payment for services. It will also depend on the locations of the counter-parties of the trades. Generally, NFTs and Stablecoins are not considered to be digital currency.

cliy4g1jr000l08l656dvbjt7 Small business lodgment amnesty reminder

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Small businesses have been encouraged to take advantage of the lodgment penalty amnesty program to catch up on any overdue income tax returns, business activity statements, or fringe benefits tax returns. The amnesty was announced in the recent Budget and will run for the period 1 June 2023 to 31 December 2023. It applies to those returns originally due between 1 December 2019 and 28 February 2022. Superannuation obligations and penalties associated with the Taxable Payments Reporting System are not included as a part of the program.

clio575lp000p08lc67jn1q8s Beware of scams this tax time

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The government has warned of scammers targeting Australians ahead of tax time 2023. The number of scam reports received to date has topped 19,843 and impersonation scams are becoming increasingly commonplace. These scams typically consist of unsolicited contact through SMS, email, or on social media offering refunds or help to solve tax issues. The ATO recommends not engaging with any unsolicited contact, end any conversations as soon as possible and independently look up the ATO’s number to initiate contact in order verify that the communication is genuine.

clie4un02000u08l89ga027zk Tax rates and offsets for 2023-24 and beyond

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With no announced changes in the Budget to the tax rates and offsets for 2023-24 income years and beyond, now is the time to do some tax planning for the current and future years. For the 2022-23 and 2023-24 income years, the rates and income thresholds that have applied since the 2021-22 income year will continue to apply. However, some individuals may find themselves paying more tax for the 2022-23 income year due to the end of the Low and middle income tax offset (LMITO).