Income Tax - Tax Blog

Tax

New draft Tax Ruling on the ‘Games and Sports Exemption’ for not-for-profit clubs

Amanda Guruge, October 10 2021

Clubs, associations, and societies that generate income through their activities need to determine if their income is taxable or whether the ‘games and sports exemption’ from income tax applies. When we talk about clubs, associations and societies (collectively referred to as ‘clubs’), we are referring to community sports clubs, chess clubs, netbal...

Traps and tips: Preparing your 2021 individual tax return

Amanda Guruge, August 20 2021

With the dawn on a new financial year upon us, it is now tax season. With 100’s of thousands of people preparing their tax return in July and August following the end of a financial year, we wanted to provide you some tips on common mistakes. We always recommend that you should see an accountant to prepare your individual tax return. Simple mistake...

Audits and Reviews by the ATO and State and Territory Revenue agencies

Bruce Collins, August 16 2021

In the course of your taxpaying life, revenue agencies like the ATO may conduct a review or an audit of your tax or super affairs. While you may have an accountant or tax agent handling your routine affairs, tax laws are complex and reviews or audits also involve a lot of administrative law.