It's not about us, it's about you.
The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. The ATO has released its latest […]
Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. It pays to be aware of the main residence rules and to plan ahead accordingly. In straightforward cases, a property owned by individuals and used as a […]
Australia’s growing “sharing” economy provides many opportunities to make extra income. However, this will generally give rise to additional tax obligations, and accommodation sharing sites like Airbnb are no exception. Whether you rent out your whole house or just a room, make sure you understand how this “side job” will affect your tax. Millions of […]
The ATO is warning taxpayers about scammers who impersonate the ATO in order to obtain the taxpayer’s personal information or even to demand payment of a fake tax debt. As these scammers continually adapt their techniques to become more convincing, all Australians should be familiar with the basic red flags of an ATO impersonation scam […]
The extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the near future. The key is for businesses to ensure the asset will be used in their business (or ready to use) in the year […]
The government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions is a great opportunity for anyone who takes time out of work or otherwise has “lumpy” income that means they have a varying capacity to make contributions from year to year. Individuals who want to […]
More people are working from home than ever before. Employees who work from home may be able to deduct some of the expenses they incur in running a home office or for phone and internet usage. The key to claiming these deductions is to understand when expenses are deductible and what taxpayers must do to […]
The government’s latest initiatives targeting non-compliance with superannuation guarantee obligations give businesses plenty to think about. With Single Touch Payroll on the way for small businesses and a proposed 12-month “amnesty” for disclosing underpayment of contributions, all employers should take time to review their arrangements – both historical and prospective. The government is getting tough […]
The government is acting to simplify the Division 7A rules that govern deemed dividends, proposing a new 10-year loan model for compliant loans. Significantly, companies with existing loans would be forced to transition to the new model, which also includes a considerably higher benchmark interest rate. Businesses and investors should start reviewing their corporate structures […]
Combating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under the radar” of the tax system, new laws commencing on 1 July 2019 will prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply with […]
