ATO’s ‘main residence exemption tips’

ATO’s ‘main residence exemption tips’

The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in.  The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started earning income from...
Notice of Medicare levy exemption data-matching program

Notice of Medicare levy exemption data-matching program

The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years, including individuals’ full names, dates of birth, residential addresses, entitlement status, and approved entitlement details. The objectives of...
End of financial year obligations for employers

End of financial year obligations for employers

The ATO reminds employers they need to keep on top of their payroll governance.  This includes: Using their tax and super software to record the amounts they pay; withholding the right amount of tax; and calculating superannuation guarantee (‘SG’)...
Getting trust distributions right

Getting trust distributions right

As trustees prepare for year-end distributions, they should do the following: Review the relevant trust deed to ensure they are making decisions consistent with the terms of the deed; Consider who the intended beneficiaries are and their entitlement to income and...
ATO’s three focus areas this tax time

ATO’s three focus areas this tax time

The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work related expenses: Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have...
NFPs need to get ready for new return

NFPs need to get ready for new return

From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. This will...