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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…
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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…
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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…
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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…
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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…
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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.…
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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…
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SMSF Benchmark Report - Class

Class provides detailed analysis of newly established SMSFs, delivering revealing insights on key characteristics and trends. Background- The Class SMSF Benchmark Report, released for March 2019, is a statistical analysis of approximately…
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Single Touch Payroll - Do it Once, do it Right

IN BRIEF The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing. While the impact for businesses already using online accounting software will…