The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses.

The Federal Court recently handed down two decisions relating to the personal services income(‘PSI’) rules.

The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, marketrate rental contract (or similar agreement) with the owner of the property.

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

The perennial question has reared its head and it was just a matter of time given the burgeoning gig economy. The new working arrangements provide flexibility for workers, arrangers and customers. But what are the tax and other economic implications for those involved?

A taxpayer involved in a high-profile stoush with the ATO over residency rules has been given the backing of the High Court as it refuses the Commissioner of Taxation’s appeal application.

The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations.