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NEED TO KNOW

Need to know

Over 300 assessments have been issued for vacant residential land tax in a recent compliance investigation.

The court has upheld a decision by the AAT and Tax Practitioners Board to terminate an agent’s registration after she misused SMSF auditor numbers.

Two taxpayers have been successful in an appeal against a tribunal decision examining whether bank deposits were assessable income.

Practitioners have been reminded about the increase in contribution caps as well as other changes impacting employers.

With the stage 3 tax cuts set to be implemented in around six weeks, opportunities for tax-saving strategies should be considered soon.

The ATO’s additional guidance on trust distributions shows this is an area it is likely to check closely, says a specialist solicitor.

The RACGP says all states must follow suit and abolish the “disastrous” impost, while tax advisers have called for more certainty over the “complex” exemptions.

Over a third of small- to medium-sized businesses are looking for more advice in areas such as strategic tax planning or financial planning from their accountant, according to recent research.

Accountants’ certificates are increasingly exposing accountants to significant personal risk and should be removed from the wholesale investor tests, accounting bodies say.

Tax professionals should ensure clients are aware of the broader scope of deductions covered under the fixed rate method, the ATO cautions.

Fintech firm Revolut has launched an offering specifically for sole traders in Australia through its Revolut Business product.

Investors incorrectly apportioning interest from investment loans and confusion between repairs and improvements are some of the main issues, says the ATO.

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