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Tax

Taxation of your unused leave when leaving a job
Tax

Taxation of your unused leave when leaving a job

By On January 21, 2021

When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This payment will be taxed differently from your normal income.… Read More

Fuel tax credits for businesses
Tax

Fuel tax credits for businesses

By On January 13, 2021

The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price of fuel used in machinery, plant, equipment, heavy… Read More

Lodging your business activity statement
Tax

Lodging your business activity statement

By On January 7, 2021

Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and payment of: Goods and services tax (GST) Pay as you go… Read More

What do tax audits involve
Tax

What do tax audits involve?

By On December 17, 2020

Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a fairly basic level or they can be… Read More

How to reduce the tax you pay
Tax

How to reduce the tax you pay

By On December 9, 2020

There are various potential ways you can reduce the tax you pay. You may be entitled to tax deductions, offsets or you may choose to opt for salary packaging. Tax deductions will… Read More

What record keeping requirements does the ATO have in place 1
Tax

What record-keeping requirements does the ATO have in place?

By On December 3, 2020

Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so that owners can assess their strengths and weaknesses and make… Read More

Tax contributions on your super
Tax

Tax contributions on your super

By On November 25, 2020

How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your total super amount, your age, and the type of… Read More

Small business CGT concessions
Tax

Small business CGT concessions

By On November 19, 2020

Businesses receive four different types of concessions on top of CGT exemptions and rollovers which are available to everyone. These allow businesses to disregard or defer some or all of the capital… Read More

Claiming your tax deductions
Tax

Claiming your tax deductions

By On November 11, 2020

There are different types of deductions that individuals can claim to reduce their taxable income. Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria.… Read More

How are investments taxed
Tax

How are investments taxed?

By On November 5, 2020

Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions, and capital gains. The income yielded from investments is taxed… Read More

PAYG instalments for business and investment income
Tax

PAYG instalments for business and investment income

By On October 29, 2020

Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments… Read More

Tax relief for individuals
Tax

Tax relief for individuals

By On October 22, 2020

The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and… Read More

Basics of fringe benefits tax
Tax

Basics of fringe benefits tax

By On October 15, 2020

What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments’ in a form other than salary or wages. There are various… Read More

JobMaker Hiring Credit
Tax

JobMaker Hiring Credit

By On October 6, 2020

Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers… Read More

Insolvency reforms to support small business
Tax

Insolvency reforms to support small business

By On October 6, 2020

The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order… Read More

Upskilling Australia
Tax

Upskilling Australia

By On October 6, 2020

The Budget highlights the government’s commitment to getting people back in jobs and upskilling Australians. The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee… Read More

Lower taxes for businesses and individuals
Tax

Lower taxes for businesses and individuals

By On October 6, 2020

The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden. Business Businesses are encouraged to invest with the… Read More

Long term tax effective Investments
Tax

Long term tax-effective Investments

By On October 1, 2020

Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the… Read More

Income Tax cuts in Federal Budget Benefiting high income earners
Tax

Income Tax cuts in Federal Budget Benefiting high-income earners

By On September 24, 2020

In its efforts to boost the economy, the Federal Government is considering bringing the planned income tax cuts forward. The intention behind these cuts is to boost the economy by boosting consumption.… Read More

The nitty gritty of dealing with self education expense deductions
Tax

The nitty gritty of dealing with self-education expense deductions

By On September 17, 2020

Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an… Read More

Division 7A and private loans
Tax

Division 7A and private loans

By On September 10, 2020

It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to… Read More

FBT exemption for emergency assistance
Tax

FBT exemption for emergency assistance

By On September 3, 2020

Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits… Read More

Tax

Changes to JobKeeper eligibility

By On August 27, 2020

The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible… Read More

CGT rollover when transferring assets in a divorce
Tax

CGT rollover when transferring assets in a divorce

By On August 20, 2020

Transferring the ownership of assets from one party to another may attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may… Read More

Tax

What is a TPAR and do you need to lodge one?

By On August 13, 2020

The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is… Read More

Applying for small business income tax concessions
Tax

Applying for small business income tax concessions

By On August 5, 2020

Businesses looking to save on tax for the financial year may consider applying for income tax concessions. Businesses classified as a small business entity are eligible for income tax concessions. Since 1… Read More

What types of income do you need to include in your business’ tax return
Tax

What types of income do you need to include in your business’ tax return?

By On July 30, 2020

Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed… Read More

Common tax mistakes that businesses make
Tax

Common tax mistakes that businesses make

By On July 23, 2020

Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look… Read More

Amending fringe benefits tax return and updated exemptions
Tax

Amending fringe benefits tax return and updated exemptions

By On July 16, 2020

The Government has updated fringe benefits tax (FBT) exemptions to include travel in ride-sourcing vehicles under the existing taxi travel exemption. In the case that your business has been providing employees with… Read More

Are you eligible for the small business income tax offset
Tax

Are you eligible for the small business income tax offset?

By On July 9, 2020

The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount, the offset… Read More

What is petroleum resource rent tax
Tax

What is petroleum resource rent tax?

By On July 2, 2020

Companies that are interested in a petroleum project may have lodgement, reporting and payment obligations under the petroleum resource rent tax (PRRT). According to the ATO, a petroleum project exists if a… Read More

COVID 19 factors to remember when filing your tax return
Tax

COVID-19 factors to remember when filing your tax return

By On July 2, 2020

The end of the financial year has rolled around again, but this time, COVID-19 may affect the way you fill out your tax return. The ATO has released a range of methods… Read More

Cars and taxes for 2020 21 financial year
Tax

Cars and taxes for 2020-21 financial year

By On June 25, 2020

New car threshold amounts will be implemented from 1 July 2020. Understanding the new thresholds and how they may affect your small business operations and vehicle usage will be important in preparing… Read More

Tax implications for landlords through COVID 19
Tax

Tax implications for landlords through COVID-19

By On June 17, 2020

Property investors may have a number of tenants that have temporarily paused their rent payments or are not paying the full amount of rent owed due to being impacted by COVID-19. Regardless… Read More

Claiming self education expense deductions
Tax

Claiming self-education expense deductions

By On June 11, 2020

Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an… Read More

Closely held payees exemption to be extended
Tax

Closely held payees exemption to be extended

By On June 3, 2020

Employers with 19 or fewer employees are temporarily exempt from reporting ‘closely held (related) payees’ through Single Touch Payroll enabled software. The exemption deadline has been extended from 1 July 2020 to… Read More

What you need to know about fringe benefits tax
Tax

What you need to know about fringe benefits tax

By On May 27, 2020

A fringe benefits tax (FBT) is a tax paid on benefits provided to employees (usually non-cash). FBT is calculated based on the gross taxable value of benefits employers provide to their employees.… Read More

Tax implications for workers with COVID 19 mobility restriction
Tax

Tax implications for workers with COVID-19 mobility restriction

By On May 19, 2020

Employees who are not living or working in their regular location due to COVID-19 mobility restrictions need to be aware of the tax implications that apply to their situation. Individuals who ordinarily… Read More

Tax implications for workers with COVID 19 mobility restrictions
Tax

Tax implications for workers with COVID-19 mobility restrictions

By On May 19, 2020

Employees who are not living or working in their regular location due to COVID-19 mobility restrictions need to be aware of the tax implications that apply to their situation. Individuals who ordinarily… Read More

Tax

JobKeeper GST turnover test released

By On May 13, 2020

The ATO has published a ruling on the decline in turnover test for businesses applying for the JobKeeper scheme as part of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020.… Read More

What you need to know about lodgement deferral dates
Tax

What you need to know about lodgement deferral dates

By On May 5, 2020

Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns,… Read More

FBT exemptions to keep in mind during the COVID 19 pandemic
Tax

FBT exemptions to keep in mind during the COVID-19 pandemic

By On April 30, 2020

In emergency situations like the COVID-19 pandemic, there are certain benefits you can provide your employees or their associates which may be exempt from fringe benefits tax (FBT). The fringe benefits tax… Read More

ATO’s additional tax support for businesses
Tax

ATO’s additional tax support for businesses

By On April 22, 2020

While the Australian Government has provided businesses with many relief measures during the COVID-19 pandemic, such as the JobKeeper subsidy payment scheme, major changes to instant asset write-off and also rental relief… Read More

ATO introduces new working from home deduction scheme
Tax

ATO introduces new working from home deduction scheme

By On April 15, 2020

COVID-19 is forcing many businesses to work from home, meaning that you now have to pay for expenses such as heating and lighting that were previously covered by employers. The ATO has… Read More

Setting up your myGovID
Tax

Setting up your myGovID

By On April 3, 2020

If you haven’t set up your myGovID yet, you need to do it before you can lodge your next business activity statement (BAS). AUSkey, including Manage ABN Connections, will be replaced by… Read More

Deferring and refunding GST on imported goods
Tax

Deferring and refunding GST on imported goods

By On March 27, 2020

Importing goods and services with extra-added GST costs but not sure how you can apply for refunds or deference? The ATO has outlined a series of steps for all Australian businesses to… Read More

CGT exemptions have been scrapped. What does that mean for you
Tax

CGT exemptions have been scrapped. What does that mean for you?

By On March 19, 2020

Are you an Australian living or working overseas with a family home in Australia? Or you know someone who is? If so, be sure to consider the impacts of the capital gains… Read More

What deductions can you claim on your website
Tax

What deductions can you claim on your website?

By On March 12, 2020

Most businesses nowadays have some sort of website, but designing, creating and maintaining a website for your business can be complicated. Many businesses use website services to develop and design their website… Read More

Division 7A and expert predictions on the future
Tax

Division 7A and expert predictions on the future

By On March 6, 2020

Division 7A under Australian legislation is currently concerned with private company benefits given to shareholders which are taxable under the premise of income tax purposes. For two years, the Australian government has… Read More

What’s tax deductible for home businesses
Tax

What’s tax-deductible for home businesses?

By On March 1, 2020

Running your business from home can have great benefits, such as being able to spend more time with your family, not having to travel, and deciding your work hours. To make the… Read More

Will legislation changes affect the FBT you pay on staff parking
Tax

Will legislation changes affect the FBT you pay on staff parking?

By On February 20, 2020

Employers who provide staff parking spaces may be affected by the rewrite of the car parking fringe benefits Taxation Ruling. A draft ruling TR 2019/D5 was released on 13 November 2019, a… Read More

Do you have to pay tax on super death benefits
Tax

Do you have to pay tax on super death benefits?

By On February 18, 2020

When someone dies, their superannuation usually gets transferred to their beneficiary as superannuation death benefits. Depending on who the beneficiary is, the benefits may be taxed in some circumstances. If you are… Read More

Can you claim deductions for employee training
Tax

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

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

Tax

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

Tax

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

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

Tax

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

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

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

Tax

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

Tax

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

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

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

Tax

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

Tax

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

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

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

Tax

“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

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