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Legislation Articles

ATO NFP Self-Review Return – Recent updates

Non-charitable not-for-profit organisations that self-assess as income tax exempt are now required to lodge an annual self-review return with the ATO.

Not-for-profit ATO self-review returns

From the 2023/2024 tax year, certain charitable not-for-profits with active ABNs will need to provide information about their income tax status to the ATO via a self-review return.

Contractor or employee?

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.

Changes to Associations Incorporation Reform Regulations

The Associations Incorporation Reform Regulations 2023 came into effect in November 2023 and brought with it some changes to some reporting requirements.

Residential Property Owners Beware

The Vacant Residential Land Tax (VRLT) has been extended to cover residential property in the whole of Victoria, capturing more properties within the scheme.

What is a School?

The ATO's definition of a 'school' has been shaken up by a recent Federal Court decision.

Let’s get digital!

The ‘Small Business Technology Investment Boost’ is currently sitting with parliament, but with a potential 20% bonus deduction to businesses, it could represent a timely boost amidst rising costs.

Changes to work from home tax claims

With the continuing trend towards working from home arrangements, the ATO has renewed the way taxpayers can claim deductions for costs incurred when working from home.

Budget October 2022: sign of the times

In his first Budget, Treasurer Jim Chalmers used the opportunity to update the shifting economic sands and reset spending priorities to align with the new government’s policy agenda.

New QLD Land Tax rules – Now dumped

Queensland Premier Annastacia Palaszczuk has announced that its controversial land tax, which was to be calculated taking into account the total value of an owner’s Australia-wide land holdings, is to be dumped.

Superannuation guarantee increase to 10.5% from 1st July

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

Work-test repeal – enabling those under 75 to contribute to super

From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional contributions or salary sacrifice superannuation contributions.