When company director Michael casually withdrew $80,000 for a personal investment, he didn’t realise it would trigger a $31,200 tax bill under Division 7A. With rising interest rates and the ATO tightening its grip, this cautionary tale reveals how a simple oversight can become a costly lesson for thousands of Australian business owners.
Think that air fryer or designer handbag might be tax-deductible? The ATO is cracking down on questionable claims this tax season – find out what you can (and definitely can’t) claim.
In the wake of cyber-attacks targeting major Australian super funds, your retirement savings could be more vulnerable than you think. Learn how to safeguard your super with practical, expert-backed steps to stay one step ahead of cyber criminals.
Thinking about upskilling this year? You might be eligible to claim a range of self-education expenses on your tax return – if your studies are closely tied to your job.
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