Epoch News

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer...

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, "Inflation is past its peak and heading in the...

Don't want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.   1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT, so anything at or above this level will mean that...

The ATO estimates that incorrect reporting of rental property income and expenses costs around $1 billion yearly in forgone tax revenue. A big part of the problem is how taxpayers claim interest on their investment property loans.  We've seen an uptick in ATO activity...

Chobani plain yoghurt is GST-free, but Chobani's 'flip' range is taxable? A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods. Back in 2000, when the Goods & Services Tax (GST) was first introduced, basic food...

Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to change dramatically. Superficially, the statistics on employer superannuation...

Treasury has released draft legislation to enact the Government's plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. The release of the draft is the final step before the legislation is introduced into...

The Australian Taxation Office has released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can't claim. Suppose you undertake study connected to your work. In that case, you can typically...

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction...

What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.  In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled...