ATO warns against websites sharing fake news on superannuation preservation age

Posted by Team AVS on 22 May, 2025 0 Comments

The ATO is warning against fake news about changes to the superannuation preservation rules and withdrawal rules.

The Australian Taxation Office (ATO) is warning the community about a proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.

ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when you can access your

ATO unveils ‘wild’ tax deduction attempts and priorities for 2025

Posted by Team AVS on 15 May, 2025 0 Comments

The ATO reveals 'unbelievable' tax deduction attempts, and what their tax time priorities are for 2025.

The Australian Taxation Office (ATO) has today revealed some of the ‘wild’ work related expense tax claims people have tried to put past the ATO, and spoiler alert: an air fryer generally won’t make the cut.

Some of the most outrageous deduction attempts the ATO saw last year included:

A mechanic tried to claim an air fryer, mic

CGT concessions eligibility overview

Posted by Team AVS on 6 May, 2025 0 Comments

The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business.

The 4 small business CGT concessions include the:

small business 15-year exemption
small business 50% active asset reduction
small business retirement exemption
small business roll-over.

The concessions are available when you dispose of an active asset and meet basic eligibility co

Using capital losses to reduce capital gains

Posted by Team AVS on 2 Apr, 2025 0 Comments

When to use capital losses

You use your current year capital losses to offset your current year capital gains. You can choose which capital gains to subtract your capital losses from. If you have any capital gains that are not eligible for the CGT discount, subtract your capital losses from these gains first. This will result in the lowest payable CGT.

If you have capital losses from prior years, also known as net capital losses carried for

Preservation of super

Posted by Team AVS on 21 Mar, 2025 0 Comments

Most of the super held in your fund will be in the form of preserved benefits.

Most of the super held in your fund will be in the form of preserved benefits. These must be preserved in the fund until the time the law and your fund’s trust deed allow them to be paid.

Preservation age

Access to super benefits is generally restricted to members who have reached preservation age. A person's preservation age ranges from 55 to 60, depending

ATO shifts non-compliant small businesses to monthly GST

Posted by Team AVS on 10 Mar, 2025 0 Comments

The ATO will notify non-compliant small businesses when they are moved from quarterly to monthly GST reporting.

The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance.

Moving to a monthly reporting and payment cycle can help small

How to claim deductions for work-related expenses

Posted by Team AVS on 26 Feb, 2025 0 Comments

How to claim income tax deductions for work-related expenses and other expenses, and record your deductions.

How tax deductions work

You can claim some of your expenses as deductions in your tax return.

The expenses you can claim are mostly related to earning your income, but there are a few (such as donations) that aren't related to earning income.

Deductions reduce your taxable income.

It works like this:

your assessable incom

Online tax schemes on the rise

Posted by Team AVS on 24 Feb, 2025 0 Comments

The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online, including through social media.

Acting Deputy Commissioner Sarah Taylor is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether.

‘Sometimes tax schemes can be peddled as investment schemes. We don’t want to see honest people lured into unlawful tax schemes with f

CGT when selling your rental property

Posted by Team AVS on 23 Jan, 2025 0 Comments

How CGT applies to your rental property and what expenses you can include in your costs.

How capital gains or losses apply

When you sell or dispose of a rental property you may make a capital gain or loss.

A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when you dispose of it.

If you make a:

net capital gain in an income year, you'll ge

Foreign residents disposing of taxable Australian property

Posted by Team AVS on 14 Jan, 2025 0 Comments

Foreign residents disposing of taxable Australian property Foreign residents are subject to capital gains tax (CGT) on the disposal of taxable Australian property (TAP). In contrast, foreign residents (except beneficiaries of resident non-fixed trusts) can generally disregard a capital gain or loss from a CGT event (such as a disposal) relating to non-TAP assets. TAP comprises of:

taxable Australian real property (TARP)
indirect interests i

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