When it comes to work-related expenses, the Australian Taxation Office (ATO) allows employees to claim immediate deductions for depreciating assets that cost $300 or less. While this rule is straightforward,... read more →
With more security and fraud-related scams targeting vulnerabilities and attempting to commit identity theft and fraud, the ATO has changed the process for how tax agents can access your information.... read more →
If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments... read more →
As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the... read more →
There are no more shortcuts when it comes to claiming your work-related expenses this financial year! The popular ‘shortcut’ method is no longer available to be used for the 2022-23... read more →
Your tax file number (TFN) is a critical piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN... read more →
These days, your tax return is almost like an honesty test. From Centrelink payments to health insurance, child support to bank interest, the ATO sees all and seemingly knows all.... read more →
Just like how individuals and businesses have to complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) that should be... read more →
The calculation of income tax for businesses becomes more complex as business activities and income streams grow. There are two primary considerations that arise when calculating income tax: assessable income... read more →
Businesses should aim to move towards digitising their tax, super and employee related documents as per recommendation by the ATO. Digital record-keeping has many advantages: • Streamline accounting practices by... read more →
A super guarantee amnesty was introduced on 6 March 2020. Employers participating in the amnesty need to apply by 7 September 2020. The ATO's ability to identify underpaid Super Guarantee... read more →
Most businesses have now determined their eligibility for the JobKeeper payment, but with the scheme about to commence, the questions are turning to what steps are next to administer the... read more →
The ATO often focuses on specific behaviours, characteristics and tax issues that are suspicious and can lead to investigations. Due to enhancements in technology, the ATO has expanded its data... read more →
The ATO has issued a warning of an increased number of scammers at this time of year. Last year we saw a number of tax scams including an aggressive phone... read more →