What to do if you get audited
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – [...]
Myths vs Facts: Work expense claims
Not all expenses associated with your employment are deductible. This helpful guide explores the Myths and Facts of some more common work expense deductions. Myth: [...]
The $11.1bn small business tax shortfall
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give [...]
A problem no government can ignore
Australian small business tax debt is growing. According to the Australian National Audit Office (ANAO), Small business tax debt in 2017-18 was A$19.7 billion. Currently [...]
Low and middle income tax offset changes now law
Taxpayers with an individual taxable income less than $126,000 will now be entitled to some of the low and middle income tax offset. Understanding the [...]
Rental property owners: 10 helpful tips to avoid common tax mistakes
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that [...]
ATO to Begin Data Matching Program on Lifestyle Assets
What to expect The Australian Taxation Office will be obtaining information on insurance policies for certain classes of assets, including marine vessels, enthusiast motor vehicles, [...]
GST obligations to be included under the director penalty regime
The strengthening of the director penalty regime has seen director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019. Now it looks [...]
Confusion over personal tax changes – what are you really entitled to?
So, what changed? From 1 July 2018 A low and middle income tax offset (LMITO), first introduced in the 2018-19 Federal Budget, provides a tax [...]
ATO on the Road
The Australian Taxation Office (ATO) are on the road and visiting close to 500 businesses in and around Port Macquarie and Wauchope in late July and [...]