Practice Update October 2019 covers following points: $30,000 Instant Asset Write-Off Federal Court Provides Clarification On the PSI Rules Deductions for a Company or Trust Home-based Business ATO Impersonation Scam Update Using the Cents Per Kilometre Method Measuring the Integrity of the ABR Click here for Practice Update October 2019
Practice Update September 2019 covers following points: “Outrageous” Deductions Rejected ATO Guidance Regarding Incorrect ENCC Determinations ATO Watching for Foreign Income this Tax Time The ATO hits the Road Motor Vehicle Registries Data Matching Program Protocol Click here for Practice Update Sep 2019
Practice Update August 2019 covers following points: Tax Cuts Become Law ATO “puts the brakes” on Dodgy Car Claims Private Health Insurance Statements Now Optional FBT and Taxi Travel ATO Rates and Thresholds ATO Data Matching Program: HELP, VSL and/or TSL debts Click here for Practice Update Aug 2019
Practice Update July 2019 covers following points: ‘Cash in hand’ payments to workers no longer tax deductible Uber drivers not employees Making a Division 293 election ATO targeting false laundry claims Lifestyle assets data matching program Tax time tips for small business Fixing incorrectly issued excees NCCs determinations Car parking threshold for 2020 FBT year…
Tax saving strategies prior to 1 July 2019. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Your Checklist: Claims for deductions Receipts for deductions Car claims and log books Please review the information…
Practice Update June 2019 covers following points: Single Touch Payroll Update Employees and Payment Summaries Cryptocurrency Data Matching Program Tax Office to Double Audits of ‘Dodgy’ Rental Deductions Paying Super to Backpackers New Rules for Immediate Write-offs Click here for Practice Update June 2019
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 the ATO will also…
May – 2019 Practice Update covers following points: Federal Election Called! 2019/20 Budget Update New Industries Entering the Taxable Payments Reporting System Scammers Impersonate ATO phone numbers FBT Issues on the ATO’s Radar FBT: Record-keeping Exemption Threshold FBT: Benchmark Interest Rate Click here for May – 2019 Practice Update
April – 2019 Practice Update covers following points: Continued Focus on the Cash Economy Common Errors with New GST Withholding Rules Latest ATO Benchmarks Released ATO Warning Regarding Annual Leave Loading and OTE Taxpayer Living in Serviced Apartments Overseas Not a Resident Mostly Vacant Property Still an ‘Active’ Asset Click here for April – 2019…
The transaction and use of cryptocurrency in Australia are evolving rapidly. If you’ve bought, sold or even traded using cryptocurrency, you have a tax obligation to retain records. Here are a few essential tax tips that you need to consider if you have made a profit by trading in cryptocurrency: 1. Sort out Tax Liabilities…
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