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Your Tax Return Due Date and Overdue Implications
It is important to understand your obligations as an Australian Taxpayer to know your tax return due date. It’s extremely important. We have broken it down for you in simple terms to better understand your tax return due date. If you are lodging your taxes using an online platform yourself, you are required to lodge […]
ATO Scam Calls – What You Need To Know
As most of you should hopefully know by now, there are MANY ATO scam calls going around Australia from automated voice messages to real people impersonating your accountant or tax agent. Recently the ATO have been made aware of the current scam calls which involve a pre-recorded call impersonating the ATO and threatening Australian Taxpayers […]
Single Touch Payroll (STP) Are You Ready?
If you’re an employer and have 20 or more employees, you should already know and be in the process of Single Touch Payroll. If you have 19 or less employees, you will be required to report through Single Touch Payroll to the ATO from 1st July 2019. Many new employers may be scratching their heads […]
Federal Budget 2018 – 2019 : Tax Changes for Individuals
The Australian Government introduced new tax measures in the 2018 – 2019 Federal Budget as part of their Personal Income Tax Plan to help Australian Taxpayers by providing them with some ongoing & gradual tax relief. As a reminder, here are some changes the Australian Government have made which will affect your 2019 income tax […]
Is it a Hobby or a Business?
If you are accepting money in the form of a sale for a product or service, it is important you determine whether you are running a business or if it is simply a hobby. We’ve listed below the important details to help you understand them. Running a Business The below characteristics generally indicate you are running […]
How Does Capital Gains Tax Work?
Capital gains tax is the tax paid on the gain of the sale of a capital asset. Capital assets such as real estate or shares, when sold, need to be declared in your tax return. The gain or loss is determined by the selling price of the asset less the purchase price. If there is […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]