Month: October 2019

Integrity of ABR | Taxwise Australia | (08) 9248 8124

Measuring The Integrity Of The ABR

By Warren Kruger / October 23, 2019 / 0 Comments

From September, the Australian Business Register (‘ABR’) will contact a random sample of ABN holders across all entity types to: confirm their business information; discuss how they use the ABN, and check their understanding of how ABNs are used; find out about their registration experience and ask for suggestions for how they can improve it; […]

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Cents Per Kilometre Method | Taxwise Australia | (08) 9248 8124

Using The Cents Per Kilometre Method

By Warren Kruger / October 20, 2019 / 0 Comments

The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number […]

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ATO Impersonation Scam Update | Taxwise Australia | (08) 9248 8124

ATO Impersonation Scam Update

By Warren Kruger / October 15, 2019 / 0 Comments

According to the July 2019 ATO impersonation scam report: 6,179 online scam reports were received in the first month of their new online reporting form going live; 6,645 phone scam reports were officially recorded, and 465 phishing scam emails were reported to reportemailfraud@ato.gov.au; 520 taxpayers provided scammers with their personal identifying information including date of […]

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Home Based Business | Taxwise Australia | (08) 9248 8124

Deductions For A Company Or Trust Home-Based Business

By Warren Kruger / October 10, 2019 / 0 Comments

The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim as a deduction. If there isn’t a […]

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PSI Rules | Taxwise Australia | (08) 9248 8124

Federal Court Provides Clarification On The PSI Rules

By Warren Kruger / October 5, 2019 / 0 Comments

The Federal Court recently handed down two decisions relating to the personal services income (‘PSI’) rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise. The PSI rules are integrity provisions which ensure individuals cannot reduce or defer their income […]

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Instant Asset Write Off | Taxwise Australia | (08) 9248 8124

$30,000 Instant Asset Write-Off

By Warren Kruger / October 1, 2019 / 0 Comments

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. This now applies to assets that cost up to […]

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