1st Quarter 2024

TEMPORARY FULL EXPENSING

Temporary full expensing (TFE) ended on 30 June 2023. Small businesses can still claim an immediate deduction for the cost of eligible assets first used or installed ready for use by 30 June 2023 in this year’s tax returns.

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses.

The Australian Taxation Office (ATO) has warned taxpayers that its data matching program in relation to residential rental property loans and insurance has been expanded. The ATO now has access to bank records and insurers records which can be used to ensure deductions for loan interest and insurance premiums are being claimed correctly.

Most employers have now moved to STP Phase 2 reporting. The Australian Taxation Office (ATO) have noticed some common mistakes and want to share these with you, to help employers get it right. These include: