August 2022 – Practice Update

Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and...

July 2022 – Practice Update

Happy New Financial Year. It was such a busy June that we were not able to get the June newsletter went out. But the July update is jam-packed with a heap of useful information. ATO’s small business focus for the 2022 income year The ATO announced that it will be focussing on the following...

May 2022 – Practice Update

Disclosure of tax debts The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is...

April 2022 – Practice Update

2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual taxpayer’s tax...

March 2022 – Practice Update

Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: tax-deductible; and exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction of new specific legislation (i.e., to clarify that work-related...

December 2021 – Practice Update

After yet another year of challenges, we would like to take this opportunity to thank our clients for their ongoing support and understanding throughout 2021. We look forward to welcoming you back in 2022 and working with you to reach your financial and personal goals. From all of us at Hughes O’Dea Corredig, we wish...

November 2021 – Practice Update

Varying PAYG instalments due to COVID-19 Taxpayers can vary their pay as you go (‘PAYG’) instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year. To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties...

October 2021 – Practice Update

Extra super step when hiring new employees Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund. From 1 November 2021, if a new employee does...

September 2021 – Practice Update

Extending administrative relief for companies to use technology The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting-materials and execute documents until 31...

ifa EXCELLENCE AWARDS 2021

Lisa Papachristoforos has been shortlisted for the ifa Excellence Awards 2021. Lisa Papachristoforos has been named as a finalist in the ifa Excellence Awards for SMSF Adviser of the Year. The finalist list, which was announced on 24 August 2021, features over 210 high-achieving financial services professionals across 27 submission-based categories. The ifa...

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