4 Costly Tax Return Errors You Must Avoid
Will you find yourself in the ATO spotlight this year? Avoid these costly tax return errors and reduce your chances of appearing on the ATO’s audit radar.
Home office expenses: No proof, no deduction!
It’s becoming more and more common for people to spend at least a small portion of their time working from home. For this reason you may be entitled to claim deductions in your tax return for home office running expenses or home office occupancy expenses. But there is a distinct difference between the two claim…
Avoid a Tax Audit: Keep Track of Your Expenses
The ATO has warned that they will be auditing more taxpayers this year. Avoid a tax audit with this very handy tax-time tool.
Uber Drivers: Don’t be an ATO target
Are you an Uber driver? Beware the tax side effects! Uber drivers must have an ABN and be GST registered.
How to tackle late tax returns
Do you have late, overdue tax returns? Are you feeling stressed and worried over tax matters? Let us help to put your mind at ease. We’re ready to help.
Coming Soon: Single Touch Payroll
Government figures indicate that Australian employers currently spend around $2.5 billion each year to meet their PAYG withholding obligations. To reduce the onerous administrative overhead costs spent on payroll and employee reporting, the Government has introduced Single Touch Payroll (STP) legislation. In a nutshell, STP will require employers to utilise Standard Business Reporting (SBR) enabled…
Business assets, personal use?
Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as ‘Division 7A’.
Red flags that can trigger an ATO tax audit
The last financial year has witnessed a record number of tax audits. and with the ATO actively stepping up its inspection of business transactions across the board, utmost vigilance must be exercised at all times with the recording of your business transactions. In order to help you avoid such a stressful, time-consuming and costly tax audit, we’ve put together a list of some triggers you should be aware of.
Get your ‘Personal Service Income’ affairs in order for 2016
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company.
Rental Properties: ATO focus on ‘initial repairs’
The ATO is focusing on claims that investment property owners make for repairs to residences that it deems to in fact be ‘improvements’.