Blog

/Blog/

“Outrageous” tax deductions rejected

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, and sporting equipment or [...]

ATO & dodgy car claims

The ATO is making work-related car expenses a key focus again during tax time 2019. Over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. The ATO are concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if it is deliberate, penalties will apply. [...]

Latest news and tips

Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and [...]

On 1 July 2019 your Life Insurance cover may be lost!

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may be [...]

June 30 Tax Tips 2019

BUSINESS TIPS. Business Income and Expenses. Consider strategies to defer income until after 30 June, or bring expenses forward into June, especially if you expect lower income for next year. Ensure that your tax deductions are allowable Bad debts must be written off before 30 June Super contributions must be paid before 30 June and [...]