The ATO has flagged four priority areas this tax season. With tax season upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping: 101 of working with the ATO is that you can’t claim it if you can’t prove it. If you are audited, the ATO will...Read More
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. But, there are a few problems. Firstly, the announcement is just that, it is not yet law. And, we do not know the position of the new Government on this measure and, we are yet to see draft legislation or detail...Read More
Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all superannuation members, young and old, to grow their retirement savings. What are the changes? Originally announced in the 2021 Federal Budget, the following changes apply from...Read More
Changes to Payroll Obligations 1 July 2021 There are two key changes for businesses to consider in relation to their payroll obligations which will take affect from 1 July 2021. If you are unsure what impact these changes will have on your business, please contact our office. Superannuation Guarantee Rate The superannuation guarantee rate will...Read More
Start date – losses incurred in 2019/20. Election first available when lodging 2020/21 tax return. The Government has announced that the tax law will be amended to allow corporate tax entities with an aggregated turnover of less than $5 billion to elect to carry-back tax losses from the 2019–20, 2020–21, or 2021–22 income years...Read More
The 2017 budget has seen a major change that will impact current and future residential rental property owners. From 1 July 2017, deductions for travel expenses related to: Inspecting Maintaining or; Collecting rent for a residential rental property will be disallowed. This has been implemented to address concerns that rental property owners have been claiming travel...Read More
Clients are missing out on claiming a greater deduction for their motor vehicle expenses as they have not maintained a proper log book. This log book can be in the form of a pre-printed book or you can maintain your own records as long as it contains the correct details. The idea of a log...Read More
The Taxation Office has released its administrative treatment in relation to the Government’s proposal (Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016, currently before Parliament) to reduce the corporate tax rate. Under these proposals, the tax rate for small business entities will be reduced from 28.5% to 27.5% from 1 July 2016.Read More
