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Australian Taxation Office SMS Lodgement Reminders
The ATO’s next round of pre-emptive SMS lodgement reminders have been scheduled for February 2019. If you have a DFuel Tax Credit
Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumerDon’t sell yourself short on Capital Gains Tax
Choose a schedule which covers all scenarios Capital Gains Tax (CGT) has always been a complicated topic for property inALP Key Tax Policies
The Federal Election will be the primary focus over the next few months, with many commentators predicting a possible chTaxation of income for an individual’s fame or image
The Government has released a consultation paper with respect to the implementation of the 2018/19 Federal Budget announMYEFO report
The Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report was recently released. It indicates that the underlying BudgetClaims for home office expenses increased
The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents toDivision 293 assessments
The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabiThey’re getting smarter – Another Record Year for Cyber-criminals
Business is booming for cyber-criminals as they’ve stolen a record $107 million from Australian businesses and individuaOut of sight…Out of mind– Invisible Money
I remember receiving my first pay packet. I rushed home and counted out the total, immediately putting some aside for spWould you like to share in $17.5b?
How would you like to share in $17.5b? This is the total amount of lost and unclaimed super according to the ATO. Have yThe only New Year resolution you need to worry about!
Do a financial health-check of your business January is a good time to check the financial health of your business. ReviFrequently asked depreciation questions
What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian TaATO guidance regarding ‘downsizer contributions’
The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to relImprovements to employee share schemes announced
The Government has announced it intends to introduce legislation to improve the ability of small businesses to offer empATO data matching and share transactions
The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive shareExternal collection agencies to enforce ATO lodgement obligations
The ATO has finalised a trial relating to sending overdue taxpayer lodgement obligations to external collection agenciesATO contact regarding business cars and Fringe Benefits Tax (‘FBT’)
The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that haveATO to send text messages if bank account details incorrect
The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details wereCompany loans to shareholders under review
The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are gEmbrace online shopping with your eyes open!
If you’re like me, you may find yourself doing your Christmas shopping online. There are many reasons why online shoppinWork Christmas Parties and Gifts
16 November 2018 ‘Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewardiThe nitty-gritty of financial goal setting
There is plenty of advice out there about why you should save for your future, but little that explains exactly how. OneWork Christmas parties and FBT
‘Tis the season to be jolly! If you’re involved in the administration of fringe benefits tax (FBT) for yourWork Christmas parties and gifts
‘Tis the season to be jolly! If you’re involved in the administration of fringe benefits tax (FBT) for yourHow to be financially prepared this Christmas
With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year’s DPrivate use of business cars
If you use your business vehicle for travel between work and home and the business vehicle is available for private use,Fast-tracking tax cuts for small and medium businesses
The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forwardProposed expansion of STP to smaller employers
Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees.Expansion of the TPRS
The Taxable Payments Reporting System (‘TPRS’) has been expanded to the cleaning and courier services industries from 1Commercial property depreciation: uncover the tax benefits
Does the idea of buying commercial property instead of renting your current business premises appeal to you? Or are youBan on electronic sales suppression tools
From 4 October 2018, the Government has banned activities involving electronic sales suppression tools (‘ESSTs’) that reScammers impersonating tax agents
The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonatin$37 Million of Lost Super in Bundaberg
It has never been easier to find lost super! You might not even think it is lost, but if you moved and forgot to updateSecurity requirement for Xero & MYOB (2FA)
Soon Xero and MYOB will make it compulsory to enable the 2 factor authentication on anyone that has a log in. The main rCount Market Volatility: October 2018
Over the past two days, global sharemarkets have fallen significantly due to growth concerns. One of the catalysts is thSmall Business Digital Grants Program
The Small Business Digital Grants Program can assist small businesses to access digital technologies and services to helLegislation to combat illegal phoenix activity
The Government has announced a package of reforms to tackle illegal phoenix behaviour. By way of background, phoenixingCommonly missed deductions
Depreciation is a complex area, so unless you’re a specialist Quantity Surveyor or a qualified Tax Accountant, it can beIncrease in Private Health Insurance excesses
Legislation has been passed by Parliament to implement the Private Health Insurance (‘PHI’) reforms announced by the GovMore help for drought-affected farmers
As part of the next phase of its drought assistance policy (which includes various other measures), the Government annouIncreased scrutiny of home office claims
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which inScam warning – ‘fake tax debt’ scam
In a recent twist in the ‘fake tax debt’ scam, the Australian Taxation Office have received increasing reporDo you really need personal insurance?
Do you really need personal insurance? Ask yourself the following questions- Would your family be able to survive withoWays to splash the extra cash from depreciation
Once an investor starts claiming depreciation, they can expect an improvement in their cash flow. This is because deprecCrowdfunding donations to help drought-affected farmers
The ATO is currently offering various support measures to individuals and businesses from drought-affected communities tBlack economy recommendations will impact day-to-day business
Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., theDivision 7A benchmark interest rate for 2019
The benchmark interest rate for 2019, for the purposes of the deemed dividend provisions of Division 7A and the associatThe Company Tax Rate Saga
In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of townSG Amnesty still pending
The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliaPrice Increase for Xero Users – will this affect you?
On the 28th September 2018 Xero has decided to increase their subscription charges. Xero advise this is due to investingHow to save whilst improving your families health
Women used to be stuck at home taking care of all the household duties. Now in this modern age of being working women hoFive questions you should ask your Quantity Surveyor
Are you an investor who’s heard about the benefits of depreciation and have decided to start claiming? That’s great newsTrading names are being retired
The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in prepSuburban scammers pushing illegal early access to super
The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally acBe careful of these depreciation mistakes this tax time
Depreciation can be a rather complex area with specific rules, qualifying dates, depreciation rates, methods for claiminGST on Facebook Advertising Costs
Due to recent changes to tax laws in Australia, Facebook ads purchases in Australia will be subject to a goods and serviSingle Touch Payroll Update
Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018, and the ATO has provided some furthFurther company tax cuts deferred (for now . . .)
The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in theATO guide to the 5 most common Tax Time mistakes
As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taCents per Km Deduction Rate for Car Expenses from 1 July 2018
The Commissioner of Taxation has determined that the rate at which work-related car expense deductions may be calculatedTransacting with cryptocurrency
With interest in cryptocurrencies (such as Bitcoin) increasing, the ATO has issued guidance regarding various tax conseqFive common tax time mistakes
The ATO says the top five mistakes made in individual tax returns are: leaving out some of their income – maybe forgettiWhy should you care about 2FA?
When you think of how much you do online or on your phone, there is always a real threat that there is someone out thereEarly release of super on compassionate grounds: ATO
From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionateTax time tips for small business
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understATO putting clothing claims through the wringer
A focus on work-related clothing and laundry expenses this Tax Time will see the ATO “more closely examine taxpayePersonal Income Tax Cuts passed!
Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed incoHow will GST on imported goods affect your Business?
From 1 July 2018, businesses that sell goods into Australia and meet the goods and services (GST) registration thresholdInstant Asset Write-Off of $20,000
Small businesses with a turnover of less than $10 million (GST exclusive) can claim immediate tax deductions for individFamily Trust Distributions
In the 2017/18 year, minors (under 18 at 30 June) can receive investment income (including trust distributions) of up to2017/18 Year-end Checklist for Business
Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end s2017 / 18 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2018 A good strategy to reduce tax payable is normally to accelerate any income taSuper Contributions by 30 June 2018
As from 1 July 2017 the maximum concessional superannuation contribution limit is $25,000 for all individuals, regardlesFBT: Car parking threshold
The car parking threshold for the FBT year commencing 1 April 2018 is $8.83. This replaces the amount of $8.66 that applCar limit for 2018/19
The car limit is $57,581 for the 2018/19 income year (unchanged from the previous year). This amount limits depreciationWhat the super housing measures mean for SMSFs
The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with bATO scrutinising car claims this tax time
The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of aSuperannuation guarantee amnesty introduced
The Government has introduced legislation to complement the superannuation guarantee (‘SG’) integrity packag2018 Budget Update
The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include:Federal Budget 2018 Snapshot
On Tuesday 8 May, the federal government handed down its Budget for the 2018–19 financial year. This is the third BudgetContinued ATO focus on holiday home rentals
The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claimEmployee denied deductions for work-related expenses
An employee photographer has been denied deductions for travel expenses (when travelling with his family), and other purNew FBT rates for the 2018/19 FBT year
The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018Preparing for the end of financial year
As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streSTP – Single Touch Payroll in MYOB AccountRight
Employers of 20 or more staff (according to a simple headcount on 1 April 2018) will be required to lodge their payrollWhat is your current level of Life Insurance?
Have you had a look at your current level of life insurance lately? Yes, I know some of you will say ‘I have got insuranCommissioner’s speech highlights ATO’s focus areas
Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, includinSuper guarantee payable on ‘public holidays’ and ‘additional hours’!
The Federal Court has held that superannuation guarantee contributions were payable with respect to the ‘additional hourNew superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. – The Non-ConcessioInactive ABNs will be cancelled by the ATO
The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) pNo need to actually ‘downsize’ for ‘downsizer contributions’
From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was theirFringe Benefit Tax 2018
It’s that time of year again. Time to ensure you are ready to lodge your fringe benefit tax for 2018. A fringe benefit iNew superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional ContNew small business benchmarks are available
The ATO has updated its small business benchmarks with the latest data from the 2015/16 financial year. In addition to hGuide to the new Small Business Super Clearing House
The Small Business Superannuation Clearing House (SBSCH) joined the ATO’s online services on 26 February 2018. ThGovernment to fix a problem with Reversionary TRIS’s
The government has released draft legislation to ensure that a reversionary Transition to Retirement Income Stream (‘TRIUber driver not an ‘Employee’
In a recent case, an Uber driver’s access to the Uber app had been terminated as a result of failing to maintainTaxpayer can’t explain where she got the money to pay her expenses
The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on thATO’s focus on work-related expenses
This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense dedBig changes proposed to eligibility for the CGT SBCs
The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small busineGovernment Introduces Data Breach Notification Scheme
On February 22, the government’s mandatory data breach notification scheme came into effect. The scheme requires organi10 Tips for Conquering Paperwork
Feeling overwhelmed? Invoices, statements, receipts, bank statements, credit card statements, warranties, manuals, the lTaskforce to help digitise small business
The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensurReview of rules for early release of superannuation
The Government has announced that Treasury will review the current rules governing early release of superannuation on grATO extends due date for 2016/17 SMSF returns
The ATO will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2016/17 to 3ATO warning regarding small business record-keeping
According to the ATO, of all of the things that can cause small businesses to fold, “high on that list is poor recConsultation on ‘protecting superannuation entitlements’
Following the recommendations of the Superannuation Guarantee Cross‑Agency Working Group, the Government has released drFurther ‘affordable housing’ measures passed
Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through theThe Super Blog
Superannuation changes every employer needs to know! Small Business Superannuation Clearing House Transition to the porGifts and Other Benefits Provided to Staff at Christmas
It’s that time of year again, where businesses are planning their Christmas party for their staff and buying gifts. It’Numerous work-related expense claims disallowed
The AAT has denied a taxpayer’s deductions for work-related travel, clothing, self-education and rental property expenseOther GST News
The Government has released draft legislation on “improving the integrity of GST on property transactions”,Tool for applying the margin scheme to a property sale
The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST appliesTruck drivers’ reasonable amounts for travel updated
Following detailed consultation with the transport industry, the ATO has amended their determination for travel expensesATO’s annual closure
This year, the ATO’s annual office closure is between noon Friday 22 December and 8.00am Tuesday 2 January 2018. AATO relief for SMSFs reporting ‘transfer balance account’ events
The ATO has announced that, from 1 July 2018, SMSF event-based reporting regarding events impacting a member’s transferParliamentary update
The ongoing citizenship saga in Parliament has resulted in the Government losing its one-seat majority in the House of RPensioner Concession Card reinstated
If you’re retired or close to retirement, you’ll probably recall that the government changed the assets test for pensionHow to be financially prepared this Christmas
With Christmas just around the corner, here are 5 tips to help plan ahead and avoid a financial hangover on New Year’s D