Claiming Tax Deductions Without A Receipt
Tax deductions are the main way you can improve your tax refund. In simple terms, deductions add fairness to the tax system; if you have to spend extra money that connected with how you earn a living, then you get something back for that. The ATO prefers that you keep a receipt for every expense […]
Tax Advice For Uber Drivers In Australia
Uber has become a popular way for Australians to earn additional income. However, drivers can find themselves potentially getting into serious tax related problems unless they do it right. The concept of being an Uber driver is unique and gives drivers a flexible opportunity to earn additional income for anyone who owns a good quality […]
Small Businesses Encouraged to Pay Attention to Key Areas and Act Now in EOFY Tax Planning
Many Australians are guilty of leaving their tax planning until the last minute. Tax advisors are getting in early this year, with a particular warning to small businesses to act as soon as possible. The economic uncertainty of the 2020–21 financial year should motivate SMEs to review tax planning strategies immediately and not at the […]
Calls for The Australian Government to Expand Self-Education Deductions
The Institute of Public Accountants has called upon the federal government to follow through with its proposal to expand tax deductions to training and education that is unrelated to an individual’s current employment activities. At the present time, taxpayers are only eligible to claim tax deductions for self-education expenses that are directly related to their […]
How to Claim A Tax Deduction Via the Car Logbook Method
One of the most effective ways to increase the amount of money you receive on your tax return is to claim a deduction on your travel expensive. The car logbook method is a common way to track your car expenses. If you use your car for employment purposes, the Australian Tax Office will allow […]
The ATO Announces a Permanent Review Service for Small Businesses
On Friday 26th March the Australian Tax Office (ATO) announced that it will permanently install its independent review service following a successful three-year pilot program which gained the approval of its participants, whether they got the outcome they hoped for or not. In a statement released by the ATO, the tax agency proclaimed that the small businesses […]
The Otherwise Deductible Rule and Declarations – Fringe Benefits Tax (FBT)
The Otherwise Deductible Rule (ODR) is a mechanism within the Fringe Benefits Tax (FBT) legislation which enables the taxable value of an expense payment benefit provided to an employee to be reduced to Nil, this consequently removes the requirement to pay fringe benefits tax. A tax benefit can be classified as Otherwise Deductible if the […]
New Car Parking FBT Changes
The Australian Government has expanded the definition of the Small Business Car Parking exemption. It therefore is important for employers to be aware of the two big changes which will come into effect at the end of the 2021 Fringe Benefits Tax (FBT) year on 31st March 2021. From 1st April 2021, exemptions will apply […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
Fringe Benefits Tax Year End Planner
Fringe Benefits Tax (FBT) is a tax imposed on employers for specific benefits they provide to their employees or their employees family or friends. FBT’s purpose for its existence is to prevent tax leakage from businesses deducting the cost of provide those however income tax is not collected on the employee side. Some major examples […]