Insights & Resources
SEPTEMBER PRACTICE UPDATE
Taxpayers can start lodging their tax returns With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the 'green light' to lodge their tax returns. Taxpayers who plan to claim deductions this year should...
CSCG Business Update Help to spot and avoid scams
Common signs that something is a scam and how to stay protected Scams work because they look like the real thing and scammers contact you when you're not expecting it, or busy trying to do many things at once.Criminals take advantage of new technology, new products or services and major events. They use them to create believable stories that convin...
AUGUST PRACTICE UPDATE
ATO's tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income. The...
JULY PRACTICE UPDATE
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 their home (in which case they may need to get a ...
JUNE PRACTICE UPDATE
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 comprehensive records to substantiate their claims, including records that show the a...
May Practice Update
Government warns of 'malicious' myGov scammers The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign-in details, which can be used to commit tax and refund fraud in other people's n...
MARCH PRACTICE UPDATE
Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000.This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and s...
FEBRUARY PRACTICE UPDATE
Government announces changes to proposed 'Stage 3' tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%;reduce the 32.5% tax rate to 30% for incomes between $45,00...
NOVEMBER PRACTICE UPDATE
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may...
OCTOBER PRACTICE UPDATE
Taxpayers need to get their 'rental right' The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other re...
SEPTEMBER PRACTICE UPDATE
Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF's audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need some information from the audit re...
AUGUST PRACTICE UPDATE
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A 'reimbursement' is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular...
JULY PRACTICE UPDATE
The super guarantee rate is increasing Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023.Businesses need to calculate super contributions at 11% fo...
June practice update - 2023/24 budget update
On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: from 1 July 2026, employers will be required to pay their employees' superannuation at the same time as their salary and wages;providing businesse...
2023/2024 Federal Budget Overview
The 'ace in the hole' of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take. Key measures include: Energy bill relief for some households and small businessEncouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other C...
APRIL PRACTICE UPDATE
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method. Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at...
APRIL PRACTICE UPDATE
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method.Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at ...
Business Tax Planning – Why pay more tax than you legally need to?
Tax planning is an investment in your business success – because when it comes to tax, what you don't plan for can hurt your business. If you suspect you may be paying more tax than you legally need to, book a Tax Planning review with your client relationship manager What is business tax planning? Business tax planning involves reviewing your busin...
February Practice Update
Super Guarantee Contributions for the December 2022 quarter A reminder to employers that their December 2022 superannuation guarantee ('SG') contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: the rate increased from 10% to 10.5%employees no longer need to earn $450 per month to be eligible....
Welcome to 2023! Let's start the year right.
We hope you enjoyed your Christmas & New Year period with family and friends. Its hard to believe we're nearly half way through January when it feels like the year only just started. It's the start of a new year, which means now is the time to set yourself up for success in 2023.At CSCG we are jumping right into the new year with our focus rema...