Tax Tips For Business Owners

The ATO Hits the Road

By Warren Kruger / September 13, 2019 / 0 Comments

  | | | The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19 financial year). According to Assistant Commissioner Peter Holt, there are a […]

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Motor Vehicle Registries Data Matching Program Protocol

By Warren Kruger / September 10, 2019 / 0 Comments

  | | | The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgment and payment obligations. Details will be requested where records indicate a vehicle has been transferred […]

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ATO Rates And Thresholds

By Warren Kruger / August 15, 2019 / 0 Comments

  | | | The ATO has updated a number of rates and thresholds on their website, including the following.   Division 7A – Benchmark Interest Rate The Division 7A benchmark interest rate for the 2020 income year is 5.37% (up from the rate for the 2019 income year of 5.20%).  Car Cost Limit For […]

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FBT And Taxi Travel

By Warren Kruger / August 12, 2019 / 0 Comments

  | | | Taxi travel by an employee is an exempt benefit for FBT purposes if the travel is a single trip beginning or ending at the employee’s place of work (or if it is a result of sickness or injury in certain circumstances). However, the ATO is reminding taxpayers that this exemption is […]

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ATO “Puts The Brakes” On Dodgy Car Claims

By Warren Kruger / August 5, 2019 / 0 Comments

  | | | The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. “We are still concerned that some taxpayers aren’t getting the message that over-claiming will […]

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ATO Tax Tips For Small Business

By Warren Kruger / July 15, 2019 / 0 Comments

  | | | To lend a ‘helping hand’ to small businesses to get their tax right this Tax Time, the ATO has identified the top 3 issues they see when small businesses lodge their tax returns: Failing to report all of their income; Not having the necessary records to prove small business expenses claims; […]

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