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Can you claim deductions for employee training

Can you claim deductions for employee training?

By On February 11, 2020

Employees of a small business may need to develop their expertise or skills in a particular area to better perform their duties. While training courses like seminars and one-day intensives can be… Read More


Tax implications of leasing commercial premises

By On February 4, 2020

Leasing commercial premises, such as an office building, hotels or stores have their own struggles compared to being a residential landlord. Making the correct tax payment and knowing what you can and… Read More


Restoring damaged tax records after a natural disaster

By On January 25, 2020

In the event that your records have been damaged or destroyed in a natural disaster, such as bushfires, there are a number of ways you can reconstruct them. The ATO is able… Read More


What are franking credits?

By On January 15, 2020

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at a company level to shareholders. Franking credits can reduce the income tax paid… Read More


Tax implications of buying a holiday home

By On January 11, 2020

Buying a holiday house can seem appealing, whether it’s to rent out for income, for your own holidays or both. However, it is important to be aware of the different tax implications… Read More


Removal of the main residence exemption for non-residents

By On December 23, 2019

The government has changed capital gains tax (CGT) rules for foreign residents under the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, which was granted assent on 12 December… Read More


Tax on gifts and donations

By On December 17, 2019

Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift,… Read More


Paying tax on term deposits

By On December 10, 2019

The interest you earn from term deposits is subject to tax, just like your regular income. You have to declare investment income on your tax return, including interest in the year it… Read More


Making NRAS claims

By On December 3, 2019

The national rental affordability scheme (NRAS) started on 1 July 2008, encouraging large-scale investment in affordable housing. It offers tax and cash incentives to providers of new dwellings for 10 years, granted… Read More


Introducing ASFP

By On November 24, 2019

Plans are underway to carry out a system change during the December closure of the ATO to introduce Activity statement financial processing (ASFP). This change will move the majority of taxpayer financial… Read More


Time limit on GST refunds

By On November 16, 2019

Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due… Read More


Limiting tax deductions for holding vacant land

By On November 7, 2019

On the 28 October 2019, The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019 received royal assent. The new tax law creates limitations for deductions related to the… Read More


Amendment to Housing Affordability Measures introduced

By On October 30, 2019

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was re-introduced to parliament on 23 October 2019. This comes after it was first announced in the 2017-18 Federal Budget.… Read More


What are the tax implications for different business structures?

By On October 23, 2019

The structure of your business determines how you would pay tax and other business obligations you would need to consider. Whilst you are able to change your structure as your business develops,… Read More


GST margin scheme

By On October 16, 2019

The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. The amount of GST normally paid on a property… Read More


Breaking down business industry codes

By On October 9, 2019

A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard… Read More


Claiming travel expenses relating to rental properties

By On September 30, 2019

When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The law about claiming travel expenses for rental… Read More


Are you meeting the Active Asset Test?

By On September 24, 2019

To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own it and it is… Read More


New industries included under TPAR 

By On September 18, 2019

The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contractors to provide the service. The extension was approved on 1 July 2019.… Read More


What is a CGT event?

By On September 10, 2019

Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. The timing of a CGT… Read More


Reestablishing lost or damaged records

By On September 6, 2019

Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable. In the event that your records have been… Read More


Non-compliant payments to workers no longer tax deductible

By On August 30, 2019

Businesses can no longer claim deductions for payments to workers if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the… Read More


FBT car parking threshold changes

By On August 21, 2019

The ATO has released the Taxation Determination 2019/9, which outlines changes to the fringe benefits tax (FBT) car parking threshold. The car parking threshold for the year commencing on 1 April 2019… Read More


New ATO toolkit helps small businesses get expenses right

By On August 12, 2019

The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns. The 2019 Tax Time Toolkit Small Business covers information… Read More


Be wary of unregistered tax preparers

By On August 6, 2019

The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Only a registered… Read More


New tax toolkit for rental property owners

By On July 29, 2019

The ATO has developed a new rental property owners toolkit for property investors to ensure that mistakes are avoided in their tax returns. Each year, the tax office identifies fairly common mistakes… Read More


What is replacing AUSKey?

By On July 22, 2019

The ATO is developing new online services systems to replace AUSKey, which is due to retire in March 2020. Taking the place of AUSKey will be myGovID and Relationship Authorisation Manager (RAM).… Read More


Maximising your tax return as a home-based business

By On July 15, 2019

Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return. Tax deductions may… Read More


Tax bracket changes passed

By On July 9, 2019

In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed… Read More


End-of-year Single Touch Payroll changes for employers

By On June 28, 2019

Single Touch Payroll (STP) will change how employers report their employee’s end-of-year information to both employees and the ATO. The first year of STP for employers with 20 or more employees will… Read More


Penalty interest deductibles

By On June 24, 2019

The ATO has recently replaced the Taxation Ruling (TR) 93/7W on whether penalty interest is deductible to the new TR 2019/2. This new ruling highlights the circumstances in which penalty interest is… Read More


Tax planning tips for businesses

By On June 18, 2019

Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of… Read More


Tax time changes

By On June 11, 2019

The ATO will start processing 2018-19 tax returns on 5 July 2019 and are expected to start paying refunds from 16 July 2019, with the majority of electronically-lodged current year tax returns… Read More


Changes to the ABN application process

By On June 3, 2019

The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those… Read More


Reducing errors when claiming business expenses

By On May 29, 2019

The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information… Read More


Tax incentives for start-up investors

By On May 24, 2019

Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key… Read More


ATO impersonation scam report

By On May 10, 2019

The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The… Read More


ATO monitors personal living expenses

By On May 6, 2019

In an ongoing effort to address misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is… Read More


Increase to fuel tax credit rates

By On April 29, 2019

The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a… Read More


Made a mistake on your BAS? Here’s what you need to know

By On April 12, 2019

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to… Read More


2019 Budget: Rewarding working Australians

By On April 2, 2019

The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working” individuals. Individual taxes:From the 2018-2019 income year, the low and middle-income tax offset (LMITO)… Read More


Getting your GST at settlement right

By On April 1, 2019

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018. Supplier… Read More


Changes to personal income tax

By On March 25, 2019

The Personal Income Tax Plan has gone through recent changes regarding rates, thresholds and offset entitlements. These changes were announced in the 2018-2019 Federal Budget and were implemented at the start of… Read More


PAYG withholding: New penalties for non-compliance

By On March 18, 2019

New penalties for business’ pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019. The new legislation will now prevent businesses from claiming deductions for payments to employees and certain contractors… Read More


Determining whether GST is for business or private use

By On March 8, 2019

The goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%. If you run a business, you are likely to have… Read More


ATOs small business benchmarks

By On March 1, 2019

The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017… Read More


STP extension for small businesses

By On February 21, 2019

The ATO has released a statement in relation to transitioning to Single Touch Payroll (STP) for small businesses. Parliament has passed legislation to extend STP to include employers with fewer than 20… Read More


“Building a Better Tax system” What does this mean for you?

By On February 14, 2019

The Australian government has launched the Better Tax campaign in order to help inform the public of tax reforms coming into effect. Designed to “better Australia”, here is a look at what… Read More


Travel allowance and expenses

By On February 7, 2019

On the occasion that you are required to travel overnight for work, you may be eligible to receive a travel allowance from your employer for accommodation, food, drink or incidental expenses. The… Read More


Instant asset write-off for small businesses to be extended and increased

By On January 31, 2019

As of 29 January 2019, the Instant Asset Write-Off Scheme will be extended to 30 June 2020 for assets purchased under $25,000. The Instant Asset Write-Off affects small businesses with a turnover… Read More


How the ATO is teaching our kids about tax

By On January 24, 2019

Having a good knowledge of the Australian tax and super systems is important, this is why The School Education Program works with parents and teachers to help educate students. Tax, Super +… Read More


Single Touch Payroll to include all businesses in 2019

By On January 18, 2019

On 1 July 2018, the Australian Tax Office (ATO) rolled out Single Touch Payroll (STP) reporting. This changed the way employers with 20 or more employees reported their employees’ tax and super… Read More


Claiming deductions for business travel expenses

By On December 20, 2018

You can claim tax deductions for expenses related to business travel provided you follow the ATO’s rules. Eligibility requirementsYou must fulfil certain eligibility requirements for your tax deduction claims to be valid.… Read More


Avoid these small business tax errors

By On December 14, 2018

Unwanted attention and penalties from the ATO can jeopardise your small business. Protect your business by avoiding these common small business tax errors. Not using an accountantTax laws frequently change, and compliance… Read More


Getting to know the ATO Business Portal

By On December 11, 2018

The ATO has introduced the Business Portal to allow small business owners to manage their tax affairs online at their convenience. Connect your ABN to your myGov account or a compatible AUSkey… Read More


ATO update: Tax deduction rules on travel to rental properties

By On November 29, 2018

The ATO has enforced strict guidelines on tax deductions for rental property owner’s travel expenses. As a rental property owner you are not able to claim deductions for travel expenses relating to… Read More


ATO updates Taxpayer’s Charter

By On November 27, 2018

The ATO has updated the Taxpayer’s Charter which prioritises a relationship with the public built on mutual trust, courtesy and respect in all interactions. Your rights regarding review of ATO decisions are… Read More


ATO provisions for mental health

By On November 20, 2018

Small business owners suffering from mental health issues can seek the ATO’s help in meeting their taxation and super commitments. If you are going through tough times take advantage of ATO services… Read More


Record keeping for small businesses

By On November 8, 2018

Businesses that fail to keep accurate records may struggle to remain compliant at tax time and incur financial penalties from the ATO. Follow the ATO’s record keeping guidelines to stay organised. Basic… Read More


Tax implications of a business restructure

By On October 30, 2018

Tax exemptions may apply to small businesses going through a restructure provided they meet certain criteria. Typically when a business is sold, you would have to pay income tax due to transferring… Read More


When can the ATO issue a default assessment for overdue lodgements

By On October 26, 2018

A default assessment is an assessment of taxable income for overdue tax returns or the net amount or assessable amount-for late activity statements. Although the ATO’s preferred approach is to work with… Read More


ATO reminder: fuel tax credit rates have increased

By On October 21, 2018

Fuel tax credit rates have increased on 1 August. The ATO reminds you to use the new rates to calculate claims on your next business activity statement (BAS). How to simplify fuel… Read More


ATO announces $20,000 instant asset write-off

By On October 12, 2018

The ATO has extended the $20,000 threshold to 30 June 2019. If you buy an asset and it costs less than $20,000, you may write off the business portion in your tax… Read More


Claiming tax when working from home

By On October 5, 2018

The ATO is seeking to increase their attention on home office expenses due to the high level of questionable claims made by taxpayers. There has been an increase in the number of… Read More


ATO developing software to stop tax avoidance

By On September 28, 2018

The ATO is in the midst of developing advanced data programs to find individuals who are leaving a source of income out of their tax return. Analytical tools have been developed to… Read More


Authorisations for Single Touch Payroll

By On September 24, 2018

On the 1 July 2018, the Australian Government introduced Single Touch Payroll (STP) for employers with 20 or more employees. The new scheme requires employers to report payment activities each time employees… Read More


Changes to FBT for Utes

By On September 14, 2018

The Australian Tax Office (ATO) has released draft guidelines changing its previous stance on Fringe Benefits Tax (FBT) for utes. Amendments originated from reports that dodgy tax returns were responsible for a… Read More


Income tax return: what to report

By On September 6, 2018

The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole… Read More


TPRS extension to contractors

By On August 31, 2018

From 1 July 2018, businesses that supply cleaning or courier services must report payments made to contractors (if payments are for cleaning or courier services) via the Taxable payments annual report (TPAR)… Read More


Tax deduction for landcare operations

By On August 24, 2018

You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural… Read More


Rental property and tax

By On August 20, 2018

The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records… Read More


Avoid these top tax misconceptions

By On August 10, 2018

As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card… Read More


Cents per kilometre rate rises for work-related car expenses

By On August 3, 2018

The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018. The new rate will affect those… Read More


Income tax gap results

By On July 27, 2018

The ATO has released its latest findings on the tax gap for Australian individuals. The estimated gap in 2014-15 is approximately $8.7 billion or 6.4 per cent. The income gap is an… Read More


Avoid scams this tax time

By On July 20, 2018

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time. With over 37,000 scam attempts reported to the ATO… Read More


Penalty relief for taxpayers

By On July 13, 2018

From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise… Read More


Avoid these five common Tax Time mistakes

By On July 6, 2018

Tax Time is now upon us, with the ATO Assistant Commissioner announcing the top five mistakes commonly made when Australians complete their annual tax returns. Common mistakes some taxpayers are making include:… Read More


Personal Income Tax Plan passed

By On June 29, 2018

The Personal Income Tax Plan announced as part of this year’s Federal Budget has been passed by Parliament. The plan introduces: – a new low and middle-income tax offset to reduce the… Read More


Claiming clothing this tax time?

By On June 22, 2018

The Australian Tax Office (ATO) is cracking down on claims for work-related clothing and laundry expenses this tax time. Last year total claims for work-related clothing and laundry expenses totalled nearly $1.8… Read More


Importing goods worth $1,000 or less?

By On June 15, 2018

Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018. Specifically, GST will be charged on goods that are:… Read More


Preparing for tax time

By On June 8, 2018

With the end of the financial year fast approaching, preparing ahead will help to take off the pressure of running your business and organising your tax affairs this tax season. Business owners… Read More


Targeted amendments to Division 7A

By On June 1, 2018

The Government is widening the scope of Division 7A to include unpaid present entitlements from 1 July 2019. This will apply where a related private company is entitled to a share of… Read More


GST at settlement

By On May 25, 2018

As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement.… Read More


Focus on work-related car expenses

By On May 18, 2018

The Tax Office has flagged work-related car expenses as a concern this tax time. The ATO is targeting those who make mistakes or deliberately lodge false claims. Examples include: – Claiming things… Read More


Budget 2018: creating a level-playing field

By On May 8, 2018

The Government will continue its commitment to strengthen the economy by focusing on improving its integrity measures to create a fairer level-playing field for all. Funding new ATO enforcement Additional funds will… Read More


Budget 2018: building resilience

By On May 8, 2018

The 2018 Federal Budget is built on the back of a historically strong post-mining boom Australian economy, triggering fairly conservative changes to tax policy. The Budget’s strategy is to provide sustainable tax… Read More


ATO clarifies claims made in recent media coverage

By On May 7, 2018

The Australian Tax Office is standing by its actions undertaken that were presented on a recent current affairs program. The ATO says where taxpayers fail to lodge tax returns and BAS returns… Read More


Employing holiday makers on a visa

By On April 27, 2018

Employers can employ holiday makers on either a Working Visa (subclass 417) or a Working and Holiday Visa (subclass 462). Employees on either visa are taxed at 15 per cent from the… Read More


Changes to GST payments at settlement

By On April 19, 2018

Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July… Read More


Fuel tax credit mistakes

By On April 16, 2018

Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business. These credits can greatly benefit business owners but it is important to… Read More


ATO targeting holiday homes

By On April 6, 2018

The Tax Office has rental property owners in its sights this tax season with a large number of mistakes, errors and false claims made by some using their own property for personal… Read More


Bitcoin tax scammers

By On March 28, 2018

The Australian Tax Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency such as Bitcoin as payment for fake tax debts. The ATO became… Read More


Employers urged to act now for Single Touch Payroll

By On March 23, 2018

The Australian Tax Office (ATO) is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll. Single Touch Payroll will be introduced from 1 July 2018,… Read More


Tax tips for property investors

By On March 16, 2018

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000… Read More


Work-related expenses

By On March 9, 2018

The Australian Taxation Office is continuing to pay close attention to claims made as ‘work-related expenses’ throughout 2018. Making incorrect claims of work-related deductions can land you in hot water with the… Read More


Tax deductible legal expenses

By On March 5, 2018

While we like to think of business ventures as a platform to make money, there are also many expenses that will be incurred through running one. Luckily, there are many tax deductions… Read More


The ATO targeting record keeping of small businesses

By On February 22, 2018

The Australian Tax Office is honing in on small businesses failing to comply with guidelines regarding appropriate record keeping. Findings from the ATO’s Protecting Honest Business campaign indicated that one of the… Read More


Minimising the risk of fraud

By On February 16, 2018

The Australian Taxation Office is urging all businesses and individuals to take care in relation to avoiding the risk of fraud. With a focus on criminals lodging fraudulent returns in order to… Read More


ATO cracking down on developers avoiding GST

By On February 6, 2018

This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance. As of May 2017, the… Read More


ATO reforms on deductible gift recipients

By On February 2, 2018

The Government has announced a reform of the Deductible Gift Recipient (DGR) status to strengthen governance arrangements, reduce administrative complexity and ensure trust and confidence in the sector. The reforms are as… Read More

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