A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. For you Work related deductions Last financial year, over 8.8 million taxpayers claimed […]
READ MOREAre you in the ATO’s sights? Your BUSINESS
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your BUSINESS There are around 3.8 million small businesses, including 1.6 million sole […]
READ MOREAre you in the ATO’s sights? Your TRUST
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your TRUST Timing of resolutions Trustees (or directors of a trustee company) need […]
READ MOREAre you in the ATO’s sights? SUPERANNUATION
A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your SUPERANNUATION Not making your full superannuation contribution? Now you can catch up […]
READ MORESingle Touch Payroll Information for Employers
STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. When you start reporting: You will run your payroll, pay your employees as normal, and give them a payslip Your pay cycle does not need to change (you can continue to pay your […]
READ MOREDo you have a Logbook?
The ATO are cracking down on exempt car and residual benefits. This catches any ute, dual cab ute or van provided to employees (including business owners) for use in a business. They have now issued clear rules that taxpayers should follow to ensure they will not be targeted for audit, especially if claiming 100% business […]
READ MORE2019 – 2020 Budget Update
This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of […]
READ MORESingle Touch Payroll Update
Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers has now passed the Senate and will be Law. This means STP is set to be rolled out to […]
READ MOREAre you in the road freight, IT or security, investigation or surveillance business?
The Taxable Payments Reporting system was introduced to stem the flow of cash payments to contractors and rampant under reporting of income. Since the building and construction industry was first targeted in 2012, the reporting system has expanded to include cleaning and courier services. Now, a broader set of industries have been targeted. If you have […]
READ MORENo tax deductions if you don’t meet your tax obligations
New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. Tax deductions denied If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to […]
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