EOFY Tax Plan for Trusts
Trust distributions continue to be an area the ATO focuses on. With this in mind it is more important than ever to ensure that your trust distributions are compliant and effective. 1. Trust distribution minutes Ensure you speak to your tax advisor to ensure your trust...Get Ready for EOFY
It’s almost the end of the financial year. Time flies when you’re working hard in your business. It’s now time to start wrapping up for the year and looking ahead for the new financial year here in Australia. Here are a few handy tax planning reminders for small...
90% Error Rate in Rental Property Claims
The ATO Commissioner, Mr Chris Jordan, earlier this year stated that following ATO efforts, for the first time in almost 25 years, the average work-related claim decreased over the past 2 years.
Single Touch Payroll Legislation Passes Parliament
Smaller employers (with less than 20 employees) must commence reporting via Single Touch Payroll (STP) from 1 July 2019 after legislation passed Parliament this week.
Are you in the Construction Industry? Lodge your TPAR!
The ATO has just advised that from February it will be contacting businesses in the building and construction industry about any overdue TPARs.
The ATO & Accommodation Sharing
The ATO have said it will examine the information provided by online platforms like Airbnb, Stayz and others to identify taxpayers who had left out rental income and over-claimed deductions.
Rental Property Travel Expenses
Rental property investors should check if they fall into one of these exceptions before they lodge and claim for rental travel. If they have already lodged and made a mistake, we encourage them to lodge an amendment.
ATO to focus on work-from-home expenses this tax time
The Tax Office has earmarked home office expenses as a key focus area this tax time, citing a lack of education contributing to a high amount of mistakes, errors, and questionable claims.
Work-related Expenses – what you can and can’t claim!
Work-related expenses are to be carefully scrutinised by the ATO in relation to tax returns lodged in respect of the year to 30 June 2017.