Strata and Tax

From www.bantacs.com.au: Body corporate fees related to strata units used for income generation are generally tax deductible, while special purpose levies may complicate tax claims depending on whether they represent repairs or improvements.… read more

ATO GST reporting changes

From worrells.net.au: The ATO is shifting non-compliant small businesses to monthly GST reporting starting April 1, 2025.

This change aims to improve cash flow and provide timely financial insights, though it requires increased administrative efforts.… read more

Understanding and preventing GST fraud

From www.rsm.global: The ATO has issued a warning regarding increasing GST fraud in the real estate and construction sectors, highlighting sophisticated schemes that involve false invoicing and misaligned GST accounting methods.… read more

Categories GST

ATO’s top GST targets

From www.accountantsdaily.com.au: The ATO is intensifying its compliance efforts regarding unpaid GST, particularly through the issuance of DPNs.

Key areas of focus include property transactions, which are complex and require careful classification for GST purposes, and GST registration requirements that may necessitate retrospective actions.… read more

Categories GST

High Court allows taxpayer’s appeal in Automotive Invest

From chrissievers.com: The High Court allowed a taxpayer’s appeal in the case of Automotive Invest Pty Ltd v Commissioner of Taxation, deciding in a 3:2 ruling that the purpose of displaying luxury cars in a museum was primarily to facilitate their sale as trading stock, rather than as an independent tourist attraction.… read more

Categories GST