Epoch News
‘OnlyFans’ tax risk warning
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for 'content creators' to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October 2022, OnlyFans CEO Ami Gan announced...
ATO rental property blitz
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. Based on previous data matching programs, the ATO's assessment is that there is a tax gap of around $1 billion from incorrect...
Company money: A guide for owners
When you start a business, it inevitably consumes not just a lot of time but a lot of cash, and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running, the business can pay you back. Right? There are myriad...
Selling a business? The pros and cons of earn-out clauses
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. Business transactions often include earn-out clauses where the vendors 'earn' part of the purchase price based on the...
How does tax apply to electric cars?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars Suppose your employer provides you with a car classified as a zero or...
The ‘Super’ Wars
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to Superannuation ahead of the 2023-24 Federal Budget. What is the purpose of Superannuation? At first glance, the consultation released by Treasury in February...
What will the ATO be asking about your holiday home?
Taxpayers claiming deductions on holiday homes are in the ATO's sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise...
What’s the deal with working from home
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has 'refreshed' the way you can claim deductions for the costs you incur while working from home. From 1 July 2022 onwards, you can choose either a...
Is downsizing worth it?
From 1 January 2023, those 55 and over can make a 'downsizer' contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has been reduced to 55 from 60, more people can use this...
Why business strategy matters in 2023
In a volatile market, keeping to a strategy, or, let's face it, creating one, can be tough. The downside of not taking time out for your strategy is that you tend to keep a short-term focus at an operational level to try and pick quick wins to generate financial...