While the Australian Taxation Office (ATO) has long been concerned about tax deductions claimed for a whole host of expenses, the latest on their ‘hit list’ are home office expenses. With an increasingly mobile workforce, it’s a challenge many will face this tax time. If you’re not sure what you… read more →
New laws passed by parliament late last year directly target taxpayers that don’t meet their obligations to report payments to contractors. By denying a range of tax deductions, these new laws aim to stop the rampant under-reporting of contractor income by stemming the flow of cash payments. And with the… read more →
If you employ staff to help you run your business, you need to make sure you’re classifying them correctly for tax purposes. Employing contractors certainly has its benefits from a tax perspective, but beware… the tax man is watching, and if you get it wrong it can cost you a… read more →
It’s tax-time again, and with tax-time comes the inevitable influx of scam emails all designed with the same objective: to strip you of your cash. So, to keep you (and your hard-earned money) cyber-safe and secure, read on for important tax-time safety tips… MyGov Scam The newest scam doing… read more →
Did you know that The Australian Taxation Office (ATO) uses more than 600 million pieces of third-party data to track activity and income? That’s why everyone is at risk of an audit, enquiry, investigation or review… regardless of how accurate your lodgement is, or how good an Accountant you have!… read more →
Higher Education Loan Program (HELP) debt repayment thresholds changed on July 1, making this a good time for a quick refresher on your obligations regarding higher education financial assistance schemes. For Employers Students with a HELP loan are required to start repaying their debt once their income reaches the minimum repayment threshold… read more →
1 July 2018 was the start date for the seven-year income tax plan announced in the recent 2018-19 Federal Budget. This seven-year plan benefits low and middle income earners in the first few years, before expanding out to a broader restructure of the tax rates and brackets for everyone. The… read more →
With 1 July 2018 ringing in more changes than a fashion parade, we thought we’d give you a handy round-up of the key bits that may affect you… Individuals Personal tax bracket changes: The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Low… read more →
As an employer, tax-time brings with it a number of obligations – not only to the ATO, but to your employees as well. Here’s a checklist to help you keep on top of things: Don’t forget to physically pay your staff’s Superannuation before 30 June to claim a tax deduction in… read more →
When stores start spruiking end-of-financial-year sales, you know it’s time to start thinking about (legal) ways to boost your tax return! Some deductions are really easy to miss, so we’ve compiled our top tips for ensuring you get the maximum possible refund this tax time. 1. Give it away While… read more →