Client Alert - August 2019
ATO will inform certain tax agent clients their information is "Tax ready"
If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov…
Tax Time 2019: Your Payment Summary Is Changing
If you're an employee, there are a few things you need to know this tax time about the ATO's new "Single Touch Payroll" (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and…
Why didn’t my SMSF auditor check that?
SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame.
But not everything is as simple as it seems because it’s…
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…