Latest News
Airbnb in the Firing Line This Tax Season
With the increased popularity in “sharing economy” accommodation Airbnb and similar properties are predicted to be in the firing line this year with the ATO. It comes as no surprise the ATO have recently commenced the ‘sharing economy (accommodation) data matching program’. Through this program the ATO will be collecting information from rental platforms such […]
Single Touch Payroll For Employees
With the introduction of Single Touch Payroll for employees, the way workplaces report your tax and super information the ATO has changed. The ATO have changed the way workplaces will be reporting your tax and super information which will provide the ATO with your tax and super information on more of a frequent basis. The […]
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 […]
Work-related expense claims rejected by Administrative Review Tribunal (‘ART’)
The Administrative Review Tribunal (‘ART’) recently disallowed a taxpayer’s claims for many different types of work-related expenses. The taxpayer was employed full-time as an engineer, working from home two days a week. For the 2023 income year, he claimed deductions totalling over $61,000, in relation to (among other things) car expenses, travel expenses, clothing expenses, […]
Check GST credit claims before lodging BASs
Taxpayers who are registered for GST can get GST credit claims (or ‘input tax credits’) for the GST included in the price of goods and services they buy for their business. However, if they buy something for both business and private use, they need to apportion their GST credit to only claim the business use. […]
Government payments programs
The ATO is reminding taxpayers that receive government payments for delivering services under a Commonwealth program, such as healthcare, disability support or child care, that they have an obligation to: keep accurate records; and report any such income they receive in their tax return. The ATO recently advised that it would be contacting taxpayers and […]
Contractors omitting income
Through data matching, the ATO is seeing some contractors incorrectly reporting or contractors omitting income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work. Note that, as part of the taxable payments reporting system (‘TPRS’), certain businesses must lodge a ‘Taxable payments annual report’ […]
Businesses using cash to dodge obligations
The ATO is ‘cracking down’ on businesses that use cash to dodge obligations on their tax, employer and business. Businesses that do this may: – fail to report all sales transactions and fail to issue receipts; – avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; – report their income […]
$20,000 instant asset write-off extended
Editor: The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able touse the instant asset write-off (‘IAWO’) to immediately deduct the business […]