The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they… read more →
The decision is in, and so is a Coalition government. So what exactly does this mean for you and your money? Tax Cuts The Liberal Party is set to deliver a simplified tax system and rolling cuts across the various wage brackets. In a nutshell, here’s what we’ve been promised…… read more →
Here’s a handy rundown of Labor’s proposed Tax and Super reforms, and how these may impact you. Tax on Investment Property In general, taxpayers are able to deduct from their assessable income any expenses they incur generating or producing that income. An investment is negatively geared when the cost of… read more →
The recent Federal Budget announced a series of measures, some of which were legislated before the election was called. How will these new laws affect you? Extension and increase to instant asset write-off The popular instant asset write-off for small business has been extended and increased. The new laws: increase… read more →
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 →
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 →