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Are you eligible for the small business income tax offset

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

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

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

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 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

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

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

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 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 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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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