Tax & Accounting

//Tax & Accounting

November tax news

Fast-tracking tax cuts for small & medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income [...]

ATO increasing scrutiny on home office claims

Due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO will be increasing scrutiny and education on 'other work-related expenses’ claims this tax time, which includes home office expenses. The ATO has concerns relating to taxpayers who are claiming:     expenses they didn't pay for;     expenses that [...]

June 30 Tax Tips 2018

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 [...]

2018 Budget Snapshot

On Tuesday 8 May, the government handed down its Budget for the 2018–19 year, which is likely to be the final Budget before the next federal election. It’s therefore hardly surprising that the Coalition promised to deliver a suite of tax cuts for individuals at various income levels, as well as a range of incentives [...]

ATO focus on holiday home rentals

The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”.  While it confirms that the private use of holiday homes by friends and family is entirely legitimate, the ATO states that [...]