Work related deductions – are you in the ATO’s sights?
Last financial year, over 8.8 million taxpayers claimed $21.98 billion in deductions for work related expenses. It’s an area under intense review by the ATO. [...]
Crack down on rental property deductions
In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions and the ATO believes that is too much - [...]
Recording payments to contractors
The taxable payments reporting system requires businesses in certain industries to record and report payments made to contractors to the ATO. From 1 July 2019, [...]
How to prepare for a tax office visit
The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. This financial year, the ATO has visited 22 regions with another four in progress. Next financial year they plan on visiting over 10,000 businesses.
Not making your full superannuation contribution? Now you can catch up
This year is the first year of new measures that enable people who have been out of the work force, like new mums, to top [...]
ATO use data-matching programs and benchmarks to catch out those attempting to rort the system
There are around 3.8 million small businesses, including 1.6 million sole traders in Australia. They employ around 5.5 million people and contribute $380bn to the [...]
Live reporting through single touch payroll
Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO. For the [...]
No tax deductions if you don’t meet your tax obligations
From 1 July 2019, if taxpayers do not meet their PAYG withholding and reporting obligations, they will not be able to claim a tax deduction for payments.
MBA’s top 10 tax planning tips for 2019
Want to know the best tax tips to look out for in 2019? The experts at Macquarie Business Accountants have put together the top 10 [...]
Class SMSF March 2019 Benchmark Report
The Class SMSF Benchmark Report for March 2019 is now available. This quarter’s special feature casts a spotlight on the characteristics and trends of newly [...]