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 […]
Last Minute End Of Year Financial Year Tax Planning Tactics
The financial year has almost drawn to a close, however there are still many effective strategies you might be able to put in place. These strategies will ensure that you pay no more tax than you have to for the 2020-21 year and maximise any refunds you might be entitled to. Although the best tactics […]
The ATO Plans To Crackdown On Cryptocurrency At Tax Time
The Australian Tax Office (ATO) plans to engage around 100,000 taxpayers ahead of tax time to inform them about their required tax obligations as it moves to strengthen its stance on accounting for cryptocurrency. On Friday 28th May, the ATO warned taxpayers that they will likely be contacted as there are growing concerns that many […]
An Important Reminder for Taxpayers to Keep Working from Home Records
Despite Australia faring much better than the majority of the world during the covid-19 pandemic, the working patterns of employees has changed in step with the rest of the world. Over the past 12 months millions of Australians have been forced to work from home. It is therefore crucial for taxpayers to keep a diligent […]
Tax Advice for Australians Who Have Been Affected by Natural Disasters
Apart from the obvious and tragic devastation that is inflicted upon a person’s property during a natural disaster these types of events such as a flood or a fire can also result in the loss of income for many affected people. This can come about as a result of the damage done to workplaces, vehicles, […]
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 […]
Advice to Help Businesses Impacted By Floods Minimise Their Financial Hardship
Chartered Accountants Australia and New Zealand (CA ANZ) has announced a new checklist to support small businesses who have been affected by the recent flooding to occur in the east coast of Australia. This checklist has been created to help reduce the amount of financial hardship small businesses endure as they look to recover from the […]
The ATO Is Pursuing $172 Billion in Undeclared Contractor Income
The Australian Tax Office (ATO) has been tracing payments to contractors via the data from its taxable payments reporting system (TPRS). It is estimated that over 60,000 Australian business are yet to lodge TPARs for the 2019-20 financial year. The ATO has advised Australian businesses to come clean on the $172 billion worth of payments […]
The ATO Raises Key Rates For Australians Wanting To Top Up Their Superannuation
The Australian Tax Office (ATO) has decided to increase some of the key rates and thresholds for people who are wanting to top up their superannuation. On 1st July 2021, concessional and non-concessional contribution caps and the general transfer balance cap will increase for the first time in four years. Under the current laws, employers […]
The Tax Consequences for Business Events Ahead of Trans-Tasman Travel Bubble
On Monday 19th April 2021 the Australian and New Zealand federal governments plan to lift international border restrictions between the two countries. As a result of the travel ban coming to an end corporate events will become a more frequent occurrence “extravagant” corporate events are likely to pique the interest of the Australian Tax Office. Australian […]