TAX TIPS FOR INVESTORS
RENTAL PROPERTIES
The ATO has received a large boost in funding to close the $8.7 billion individuals tax gap. Part of its focus is to ensure taxpayers are returning all rental income as well as claiming only the rental property expenses to…
Tax Tips For Employees
CLAIM WORK-RELATED DEDUCTIONS
Claiming all work-related deduction entitlements may save considerable income tax. Typical work-related expenses include employment-related mobile phone, internet usage, computer repairs, union fees and professional…
Clients warned on possible car review
Vehicle-related expenses and even the make and model of the car you drive can attract extra scrutiny from the ATO, an accountant has warned, citing the example of a manufacturing business.
Speaking on the podcast of sister publication, My…
US tax net expansion to hit Aussie clients
In all the hoopla over the US corporate tax cuts, introduced late in 2017, a change to the way the US Treasury views income earned offshore went almost unnoticed in the world of private clients.
But for American citizens operating businesses…
How Much Tax Is Taken Out Of My Super Withdrawals?
If you're aged 60 or over, you usually won't pay any tax on super benefits you withdraw. However, if you're under 60 your benefits will be taxed.
To understand how much tax you'll pay, it helps to remember that your super benefits are split…
ATO fires warning ahead of tax time
The ATO has released a wide range of case studies of taxpayers cheating the tax system as it signals its hard-line stance ahead of tax time 2019.
The first case involves 56-year-old Peter Garven, who was sentenced in the Sydney District Court…
CGT Strategy highlighted with work test exemption
In December last year, the government finalised the regulations for the work test exemption measure which enables individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the…
Getting Your Small Business Ready For STP Reporting
From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (i.e. those with fewer than 20 employees) have previously been exempt, but will now need to take action to ensure they're ready.…
What Does "Retirement" Mean For Super Access Purposes?
Recently, AMP reported that its superannuation support team has seen a surge in questions about the rules for accessing super. It says people are especially unaware about the retirement rules that apply in the 60-to-64 age range. Here, we break…
ATO tweaks ABN application process
The tax office has amended its Australian business number application process to ensure applicants are entitled to an ABN, giving it greater visibility over an applicant’s history.
According to an ATO spokesperson, the tax office has implemented…