It’s Tax Time again! It’s that time of year again – time to pull out all your tax records and do your tax return. This edition of TaxWise outlines some tax changes for 2018-19 that should be considered by individuals when they are preparing their tax returns for 2018-19. There are also some tax tips [...]
It’s Tax Time again! This edition of TaxWise outlines some tax changes for 2018-19 that should be considered by small businesses when preparing tax returns for 2018-19. There are also some tax tips and lodgment dates that businesses may find helpful when preparing returns. Focus areas that the ATO will be looking at have also [...]
The Federal Election has come and gone. The Coalition has won and will be the next Federal Government. The Coalition will have a majority of seats in the House of Representatives in their own right but not the Senate. This may make the passing of their tax and other proposals into law difficult. Here we [...]
On 2 November 2018, the Deputy Commissioner of Small Business, Deborah Jenkins, delivered a keynote address at a conference run by a national accounting body outlining the main tax issues the ATO is seeing in small businesses. These are: claiming private expenses through the business; how to attribute business and private use to an asset; [...]
Small and medium sized businesses received a bit of attention from the Government in this year’s 2018-19 Budget. Making it all the way to number 2 on the Government’s priority list of ‘must-do’s’, the Government stressed that it must “keep backing business to invest and create more jobs, especially small and medium sized businesses”. With [...]
The Federal Treasurer Scott Morrison handed down his third Federal Budget on Tuesday 8 May 2018. With an upcoming election, this year’s Budget contains a few apparent sweeteners to woo voters. But what does this actually mean for us? How does this affect the pockets of 24 million or so Australians who pay taxes in [...]
A bit confused about Bitcoin? What is it and what does tax have to do with it? Here, we share a few key facts and the tax consequences that may arise if you are thinking about investing (or have already invested) in Bitcoin. Note! Any reference to Bitcoin in this article refers to cryptocurrency, or [...]
The small business write-off threshold of $20,000 has been extended to 30 June 2018 and is available to all small businesses with an aggregated turnover of less than $10 million. After 30 June this year, the threshold will reduce to $1,000. If you have upcoming business expenses, now might be a good time to do [...]
There are some key changes and new measures you need to be aware of when preparing your clients' tax returns this tax time. These include: Working holiday makers tax rate Norfolk Island tax Tax relief for New Zealand special visa holders Foreign resident capital gains withholding Reportable fringe benefits Business services wage assessment tool payments [...]
There are some key changes and new measures you need to be aware of when preparing your clients' tax returns this tax time. The ATO is paying attention to people who are over-claiming work-related expenses. To get your deductions right, you need to satisfy the following rules: you must have spent the money and were [...]