Latest News
Taxable payments annual report lodgment reminder
Businesses that pay contractors for ‘Taxable payments reporting system services’ may need to lodge a ‘Taxable payments annual report’ (‘TPAR’) by 28 August each year. Editor: This includes businesses paying contractors in the building and construction, cleaning and IT industries (among others). The ATO will apply penalties to businesses that have not lodged their TPAR […]
Hybrid vehicles and FBT changes
Employers that provide plug-in hybrid electric vehicles (‘PHEVs’) to employees (or associates) for personal use should remember the following. Home-charging expenses — new shortcut method The ATO has updated its guidelines to include a new method to make it easier to calculate PHEV electricity costs when a vehicle is charged at an employee’s home. To […]
When a hobby becomes a business
Taxpayers may not think they are running a business from their hobby or ‘side hustle’ activities. However, if they start to earn money from doing these activities regularly, they may be carrying on a business without realising it. Generally, carrying on a business involves ongoing and repeated activities with the intention of making a profit. […]
Know when a new logbook is required
Editor: Keeping a car logbook may be required to accurately calculate the business-use percentage of vehicle expenses (e.g., fuel, registration, insurance and depreciation) for tax deductions. Taxpayers can keep the same logbook for their car for five years, but there are circumstances where they may need a new one during that period. Relying on a […]
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. […]
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 […]