If this article heading stopped you dead in your track then you’re probably not aware of this possibility. In the light of an article recently published in the Sydney Morning Herald, we would like to inform you about the possibility of the ATO snooping around on your social media accounts to determine if what you’ve been claiming is true. This sounds slightly alarming, but if you’ve come clean about your income and expenses, then you have not a thing to worry about. In a time where people seem to share every moment of their life, be it what you had for breakfast to your office promotion or to having your first child, social media is a record on everything about you! So if you’re telling the ATO that you’ve only earned $100k in the last year,...
Each and every business, and career oriented individual is liable to pay tax. It might seem like you're losing your hard earned money, but taxation is a primary source for the country to keep developing new infrastructure, healthcare and much more. There are very few ways to minimise the amount of tax paid. However, people seem to know and discuss certain tricks to minimise the tax they pay, to a certain extent. We sincerely hope that you do not engage in any misleading activities that have not come from a certified tax accountant. So if you're planning on saving some dollars on your tax, we hope you don't fall a prey to your own traps. Think wise and keep an eye of caution because of the following:
- 1. Plans and Strategies: While you might contemplate minimising...
March – 2017 Practice Update covers following points
- ATO data regarding Super Guarantee non-compliance
- Ride-sourcing is 'taxi travel'
- Making 'intangible' capital improvements to pre-CGT assets
- Fringe benefits change for tax offsets from 1 July 2017
- Diverting personal services income to SMSFs
- No overtime meal allowance, no overtime meal deduction