August – 2017 Practice Update
August – 2017 Practice Update covers following points ATO warning regarding work-related expense claims for 2017 GST applies to services or digital products bought from overseas Imposition of GST on ‘low-value’ foreign supplies New threshold for capital gains withholding Action to address super guarantee non-compliance Change to travel expenses for truck drivers Car depreciation limit…
Read More2016/17 Tax Return Checklist
2016/17 Individual Tax Return Checklist Depreciable plant, etc, costing $300 or less Clothing expenses Self education expenses Other work-related expenses 2016/17 Year-end Checklist for Business Maximising deductions for non-SBE taxpayers Prepayment strategies – non-SBE Accelerating expenditure – non-SBE Accrued expenditure – non-SBE Maximising deductions for SBE taxpayers Accelerating expenditure – SBE Prepayment strategies – SBE Click here…
Read MoreJuly – 2017 Practice Update
July – 2017 Practice Update covers following points Removal of the Temporary Budget Repair Levy from the 2017/18 income year Extension of the $20,000 SBE Immediate Deduction Threshold Simpler BAS is coming soon Changes to the foreign resident withholding regime for sales of Australian real estate Change to deductions for personal super contributions Click here…
Read MoreATO Is Taking a Sharper Look at Uber Drivers
The ATO has been on top of the situation to avoid letting Uber drivers slip away without paying their taxes. This goes for not only drivers of Uber, but also any ride sharing arrangement or companies like Go catch, Lyft, etc. We have compiled a list of points that each ride-sharing driver should be weary…
Read MoreJune – 2017 Practice Update
June – 2017 Practice Update covers following points Budget Update More taxpayers can access the benefits of being an ‘SBE’ Who is assessed on interest on bank accounts? Children’s bank accounts Using social media? Be aware of tax scams! FBT: Car parking threshold Click here for: June – 2017 Practice Update
Read MoreMay – 2017 Practice Update
May – 2017 Practice Update covers following points Company tax cuts pass the Senate with amendments Increase to the SBE turnover threshold Reduction in the corporate tax rate Changes to the franking of dividends Costs of travelling in relation to the preparation of tax returns FBT: Benchmark interest rate FBT: Cents per kilometre basis Click…
Read MoreWhy Do You Need a Tax Accountant?
Tax accountants can make your life very easy and straight forward. They can help you to create business expansion opportunities that you never thought possible. Managing your tax might be a fairly uncomplicated process for few, but a very time consuming one. And it does not end there. Doing your taxes goes well beyond just…
Read MoreApril – 2017 Practice Update
April – 2017 Practice Update covers following points Reduction in FBT rate from 1 April 2017 Lump sum payments received by healthcare practitioners Tax officers “hit the streets” to “help small businesses” Planned changes to GST on low value imported goods Company disallowed $25 million of carried forward tax losses Super changes may require action…
Read MoreIs the ATO Snooping on Your Social Media?
If this article heading stopped you dead in your track then you’re probably not aware of this possibility. In the light of an article recently published in the Sydney Morning Herald, we would like to inform you about the possibility of the ATO snooping around on your social media accounts to determine if what you’ve…
Read MoreTips on Avoiding The Traps of Taxation When Trying To Minimise Tax Paid
Each and every business, and career oriented individual is liable to pay tax. It might seem like you're losing your hard earned money, but taxation is a primary source for the country to keep developing new infrastructure, healthcare and much more. There are very few ways to minimise the amount of tax paid. However, people...
Read MoreMarch – 2017 Practice Update
March – 2017 Practice Update covers following points ATO data regarding Super Guarantee non-compliance Ride-sourcing is ‘taxi travel’ Making ‘intangible’ capital improvements to pre-CGT assets Fringe benefits change for tax offsets from 1 July 2017 Diverting personal services income to SMSFs No overtime meal allowance, no overtime meal deduction Click here for: March – 2017 Practice…
Read MoreFebruary – 2017 Practice Update
February – 2017 Practice Update covers following points Changes to the ‘backpacker tax’ ATO data matching programs Ride Sourcing data matching program Credit and debit card and online selling data matching program Can a UPE be written off and claimed as a bad debt? Deductibility of expenditure on a commercial website Easier GST reporting for…
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