Tax Records

How to link myGov to the ATO and Business Portal

June 30, 2023

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 …

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This Year’s Tax Return Looks Different: Why?

May 29, 2023

What’s changed in this year’s tax return? The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top three reasons that your tax refund this year might not feel as bountiful as the previous year: Work From Home …

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Working from home deductions

May 26, 2023

Deductions: Working From Home Working from home expenses can be deducted if you meet the following criteria: incur additional running expenses as a result of working from home be working from home to fulfil your employment duties, not just completing minimal tasks keep records at the time you work to prove you incur the cost. …

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The Instant Asset Write-Off Returns

May 18, 2023

Instant Asset Write-Off The Federal Budget has reintroduced the $20,000 Instant Asset Write-Off to benefit small businesses, amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year (between 1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes …

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The 5 most frequently asked questions about record keeping

May 4, 2023
The 5 most frequently asked questions about record keeping | Accountants Bayswater | TAS

Keeping Business Tax Records Can I “Guesstimate”? A Business Expense? Not at all. You cannot ‘guesstimate’ an expense. Expenses cannot be claimed without proper documentation that they occurred. By ‘guesstimating’, you may expose yourself to penalties. How Long Do I Have To Hold Receipts For? After you file your tax return, you are generally required …

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