Corporate Tax Rates: Recent Changes Give Certainty
There are two categories of companies when it comes to the corporate tax rate. The two categories are determined by turnover and business activity.
The rate of 27.5% applies to corporate tax entities known as "base rate entities". What is…
Still Unsure About The Instant Asset Write-Off?
If you're thinking about purchasing some new equipment for your business, it may make sense to bring forward that purchase in order to take advantage of the "instant asset write-off" available until 30 June 2020.
The write-off allows small…
The Australian Tax Office hotspots 2019 — do they apply to you?
Every tax time, the ATO focuses on certain hotspots where taxpayers are prone — either accidentally or deliberately — to make errors. These are the areas it will concentrate its audit firepower on, and for those who have made claims in…
The Government has delivered tax cuts. So how much will you get?
The Government's income tax cuts have been passed by the Senate.
It is the second major tax cut in two years.
This is what that means for you.
This year: Modest cuts for most Australians
Modest tax cuts are available to millions of…
Tax Tips for Small Business
PRE-1 JULY 2019 TO-DO LIST
Make trust resolutions
Document the streaming of trust capital gains and franked dividends
Review private company loans
Consider deferring certain income, and bringing forward certain deductible expenses
…
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…