ATO
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 …
Is your tax return overdue? Do you have several late tax returns you want to avoid? A tax return must be filed every year. There are a number of reasons why you may not have gotten around to it, including being too busy, being overseas, or simply finding it too complicated. Whether you haven’t filed …
Super Guarantee Payments The superannuation payment to your employees must be made, otherwise, stringent penalties can be imposed that are more financially damaging to your business than simply paying their superannuation. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to …
Electric Vehicle FBT Exemption In the news, electric cars have been getting a lot of attention. A car that was once the preserve of the elite is now more common on the streets. One-third of all electric vehicle sales in Australia occur in New South Wales alone. Since the government’s election in May, there have …
Avoiding Tax Audits Tax returns are not always done correctly by everyone. Whether it’s an honest mistake or a deliberate act, everyone loses in the end. ATO attention is more likely to be drawn to individuals who deal predominantly in cash or who have experienced large income fluctuations. In spite of this, anyone can be …
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