Auswild & Broad | Blog

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.

Do your rental property returns pass the sniff test? Here’s why the ATO doesn’t think so.

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

Will 2024-25 be another year of volatility or a return to stability?

The latest income tax cuts from the Australian Government apply from 1 July. 

Here’s a summary of the key changes coming into effect on 1 July 2024:

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

The ATO has warned that it is looking closely at how trusts distribute income and to who.