Posts Tagged ‘Tax’
ATO new-year resolutions
According to the ATO, the five new-year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: 1. Know if you’re in business or not Are you earning an increasing income from a side-hustle? If you answer ‘yes’ to a few of the following questions, the more likely…
Read MoreSMSF stats just keep getting better
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some…
Read MoreDo you need to lodge your tax return early?
If you are planning to permanently leave Australia before the end of the financial year, you may be able to have your tax return lodged early. Generally, the ATO only accepts early lodgement of individual returns in certain prescribed circumstances. If you are a resident of Australia for tax purposes, returns lodged before the end…
Read MoreEnd-of-year tax planning tips for business
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some less obvious options left available just before the end of the income year, should your…
Read MoreFederal Budget 2017-18
The Budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed…
Read MoreSMSFs and the in-house asset rules explained
A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. WHAT DOES THE ATO SAY IN RELATION TO THE IN-HOUSE ASSET RULES? Recent ATO statistics on the SMSF sector show…
Read MoreFBT and cars: a perennial head scratcher
The provision of cars by employers to employees remains an issue that continues to create confusion for some business taxpayers. A not-uncommon situation is where the employer fails to identify that a car fringe benefit has been provided. This is typically found in family companies or trusts where a car bought by the business is…
Read MoreCan salary sacrifice work for you?
Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash – and not personally pay tax on it. Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary…
Read MoreTax and the sharing economy
The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how we transact with each other. What is the sharing economy? Think Airbnb, think Uber. By now, most people will have realised that the “sharing” part of the concept does not refer to an…
Read MoreWork Deductions: What’s On The Taxman’s Radar?
The ATO says that this year it will pay extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses. The expenses the ATO says it will be scrutinising can include claims by those transporting bulky tools, and deductions for travel, internet and mobile phone as well as claims…
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