News

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…

March – 2019 Practice Update covers following points: Changes to the small business instant asset write-off. Tax scammer alert. Non-complaint payments to workers. What’s new for Australian business. Click here for March – 2019 Practice Update

January/February – 2019 Practice Update covers following points: Division 293 assessments. Claims for home office expenses increased. MYEFO report. Taxation of income for an individual’s fame or image. Click here for January/February – 2019 Practice Update

December – 2018 Practice Update covers following points: Company loans to shareholders under review. ATO to send text messages if bank account details incorrect. ATO contact regarding business cars and Fringe Benefits Tax (‘FBT’). External collection agencies to enforce ATO lodgment obligations. ATO data matching and share transactions. Improvements to employee share schemes announced. ATO…