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Managing an Overdue Tax Return

A few steps to help you find your way through overdue tax returns. Obligations relating to tax and the slight discomfort they can cause are universal. It is quite evident that growing businesses tend to focus on developing their business and can tend to lose sight of tax returns that need to be updated regularly throughout the year. The regular updates leave you with plenty of time at the end of the financial year to review all the paper work. However, such ideal situations are bound to be subject to human error. There are a few ways to deal with an overdue tax return and they include:
  • Dodging the late payment interest rates
    There is a legal and a widely accepted method of saving your company from the late tax repayment interest rates. The cost can be...

ATO announces audit crackdown for the 2018 FBT Year!

Recent ATO announcements have made it clear that the ATO has ‘taken the gloves off’ and are now devoting significant resources to FBT compliance. Making matters worse, there have been a number of significant developments that have complicated the process of preparing the 2018 FBT Return. We cut through the difficulties and provide straight-forward solutions for the challenges confronting employers in the 2018 FBT year. Which fringe benefits are under the ATO’s microscope for the 2018 FBT year?
  • ATO announces audit taskforce targeting benefits provided by contractors, clients and suppliers
  • ATO uncovers massive problems with employers disclosing meal entertainment on the FBT Return under the NEW rules
  • ATO highlights concerns with employee declarations and FBT paperwork – Find out who’s in the firing line
NTAA’s 2018 FBT Audit Survival Guide
  • How does the ATO identify all fringe benefits when undertaking an FBT...

Tax Deductions- The Little Pleasures of Life

If you brush through all the receipts that you’ve been collecting all year, you’d certainly stumble upon various goods and services that can be claimed from the ATO. However, this article is about those tax deductions that go unnoticed yet lie hidden in plain sight.
  • Calling and Browsing If your workplace requires you to make calls or use your personal data pack for work related activities, then its quite likely that the usage can be claimed on your return. All you need to do is use the call log to separate the work related calls from your personal calls and determine your work usage which can then be claimed. The same applies to your internet usage. Furthermore, if your employer has provided a phone but you invested in an important accessory for the phone, you can...
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