The 2019-2020 Lodgement Rates and Thresholds newsletter helps to save you from searching endlessly to find the right tax rate or relevant threshold this tax time, with all the relevant information right here in one place. This guide inluces tax rates, offset limits and benchmarks, rebate levels, allowances, and essential super, as well as FBT […]
Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while you’re away and after you return. We also look at trust distribution resolutions, whether your backyard projects are considered a business or a hobby by the taxman, and […]
When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes. This new income year is the first where an amount of […]
SINGLE TOUCH PAYROLL: NEW PAYROLL REPORTING REQUIREMENTS EFFECTIVE 1st JULY 2019 The ATO are changing the way employers report tax and super information to them. Therefore employers will need to start using what is referred to as “Single Touch Payroll”. Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small […]
With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year. Also this month we cover the ATO’s compliance actions that it is […]
To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used. There have been changes made to the director penalty regime, which may mean tighter diligence is needed to stay out of trouble. We also run over […]
This year’s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year. Also note that proposed changes to […]
Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims. Business success can pivot on the quality of staff, so ensuring they are […]
A business facing the prospect of effectively dealing with losses could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO. We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet. […]
Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. We look at two early stage business investment options. Also, a perennial topic of interest for tax is the ability to claim vehicle deductions, so we run over the basics to keep in mind. In this issue we also […]
Compensation for financial wrong-doings, such as has been uncovered by the Royal Commission, may still attract tax. And with any investment, there are taxation issues to consider along the way. We also look at the ATO’s use of “taxpayer alerts”, and the ins and outs of partnership agreements. Please contact us for clarification, or further […]
It’s nowhere near the end of the FBT year, but a third quarter check-up can give you the opportunity to clear up any compliance issues. And it’s a perennial question: how much do you need to retire? We look at the latest estimates. Santa’s probably dusting off the sleigh, so why not plan ahead for […]