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 [...]
Tax treatment of compensation from financial institutions
By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are [...]
Weirdest tax deductions revealed
Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian [...]
‘Proof of life’ certificates required for overseas pensioners
One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the [...]
60,000 tax cheat tip-offs
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost [...]
4 Very important tax tips for new business owners
Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have [...]
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 - [...]
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 [...]
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 [...]