ATO
Tax Audits Although tax audits have traditionally been targeted at the wealthy and big businesses, this has changed in recent years. ATO and other government agencies are increasingly focusing on small to medium businesses and individuals, especially those who own rental properties, operate trusts, and/or have Self Managed Super Funds. If the tax office calls, …
BAS Due Dates The number one question we receive from clients is when to file my BAS (business activity statement)? To help you understand your BAS obligations and how to lodge, we have created this resource. By adhering to these guidelines, you can confidently meet the requirements set forth by the Australian Taxation Office, accurately …
The Tax Implications Of The Sharing Economy: What You Need To Know In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, there can be further complications that result from incorrect understandings of how the …
Car Related Tax Deductions If you use your car for work, you can claim the costs associated with this – but only if you own the car you use. It is not possible for you to claim anything if your car is owned by your employer or part of your salary package. If you do …
ATO Hot Spot Focus The ATO focuses every year on certain hotspots where taxpayers are prone to making mistakes – either accidentally or deliberately. What is expected to be on the ATO’s list this year? There are two main areas they will examine; work-related expenses and claims made by investment property owners. There is a …
2023 Tax Return This year, things have changed and many people will receive much lower refunds than they did last year. Those who are affected by this change may be interested in knowing some of the reasons and what they can do to change it. It is possible for tax rules to change from year …
NDIS Workers and Tax As an independent support worker, you are operating your own business. That means you’re your own boss, which is wonderful, but it also means managing your tax and financial obligations. It’s not the most exciting thing to do, but it’s important to stay on top of it. As a disability support …
MyGov / ATO When it comes to managing your obligations as a business owner, connecting your myGov account with the ATO and Online Services for Business (formerly the “ATO Business Portal”) makes life much easier. Our clients should always set up the following online accounts. As a result, you and your tax agent always have …
NDIS Workers and GST Are you working as an NDIS Support Worker? You may need to register for GST sometimes as it is not always NDIS GST Free. We they cover the GST obligations for employees, subcontractors through agencies, and sole traders managing their clients. NDIS is GST-free, right? In general, NDIS contracts are GST-free. …
Student Debt: HECS & HELP Many are concerned about what a 7.1% interest rate increase for balloon HECS & HELP loans this July could mean for their student loan balances. HELP debts are indexed annually to maintain their real value by adjusting them in line with changes in the cost of living as measured by …
PAYG Is A Good Thing! Don’t Freak Out (The ATO Is Not Stealing Your Money) As a taxpayer, you may likely have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. …
ATO – Tax Audits Tax audits have increased markedly over the past financial year, with the Australian Taxation Office (ATO) inspecting business transactions across the board. With its enhanced data matching software, the ATO also takes advantage of the latest technological developments. When processing tax returns, the ATO can cross-reference declared data with records collected …
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