Tax
Nowhere to hide: ATO in hot pursuit of dodgy claims and tax debt
The Australian Tax Office has issued a warning to tax payers not to try to make false claims or ignore collection communication. The result will be forceful follow-up and audit action. Dodgy claims: It feels as though the ATO issues the same warning each year: don’t claim unrelated expenses! And yet, some people are still…
Read MoreWFH? Here’s what you can claim
Had another year of working from home? If yes, then you and 40% of Australians now work from home on a regular basis. Many people have purpose-made work spaces at home off the back of their COVID experiences and changing work cultures. Some have even bought new houses to accommodate their WFH needs. Here’s a…
Read MoreFurther changes announced: Payroll Tax
A note from the State Government: Payroll tax customers have the option of deferring their payroll tax payments until 14 January 2022. This is an extension on the first deferral date of October 2021. All customers are still required to lodge the 2020/21 annual reconciliation by the due date which has been extended to 14…
Read MoreTax debt will impact your credit rating
Earlier this year, the Morrison government passed a new set of laws empowering the ATO to report business tax debts of more than $100,000 that are over 90 days late to credit reporting firms. This will impact a debt holder’s ability to get credit or finance on both a business and a personal perspective. This…
Read MoreLatest COVID-19 Grants, Loans & Financial Assistance
COVID-19 business grants comparison Use the Service NSW quick reference guide to compare the grants and work out which one suits your situation. 2022 Small Business Support Program If you’re a business, sole trader or not-for-profit organisation in NSW and you’ve been impacted by the Omicron wave of COVID-19, you may be eligible for a…
Read MoreCOVID-19 Disaster Payment for Individuals
The NSW and Federal has Government created a new stimulus package for those businesses and individuals directly and financially impacted the COVID-19 lockdown status. Here is what you need to know about the COVID Disaster Payment for Individuals… How much $600 per week When From week four of a lockdown, recurring, for the duration of…
Read MoreThe 7 types of Australian’s on the ATO watchlist
Are you one of them? Rental property owners, gig economy workers, people who get paid cash, home office workers, cryptocurrency traders, people who earn money overseas, people claiming more than previous years… 1. Rental property owners You can only claim repairs to a rental property if the damage, defect or deterioration has occurred during the…
Read MoreFederal Budget – interpreting the tax savings
Small businesses and individuals face a long list of tax legislation changes now and later as we venture into what the Federal Government has dubbed ‘Australia’s recovery’ from the economic impact of COVID-19. Here’s a snapshot of the major things you need to know, and some tips on how to stay smart and sharp with…
Read MoreFBT – why all business owners need to report in May
Fringe Benefits Tax (FBT) is often a grey area of tax for businesses, albeit quite black and white for the ATO. It is not an optional payment or reporting responsibility. All businesses with employees are required to review and report Fringe Benefits paid up to 31 March to the ATO by 15 May. It is…
Read MoreWhy you need to think about tax now (not just in June)
You need to think about tax now, because it will save you money. At this point of every year, we recommend all businesses participate in a pre-June review of your tax structure, commitments and obligations so that you can plan and save. An effective Pre-June review will involve a 1:1 deep-dive with your accountant on…
Read More