It may only be February 2020, but in the blink of an eye it will be Tax Time 2020. As accountants in Melton who have helped thousands of taxpayers understand tax deductions and prepare their individual tax return, we know that it’s never too soon for you to start thinking about your next tax…
If you’re in business, you’re likely using a tax accountant to prepare your business tax returns, business activity statements, and financial reports. If you’re an individual taxpayer, you’re likely using a tax agent to prepare your personal tax return each year. But how can you be sure that the accountant or tax agent you’re working with…
How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund. It’s not uncommon for employers…
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24 May 2018…
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.”…
ATO crackdown on laundry expense overclaims. The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be…
The ATO has announced its focus on the scrutiny of 2019 tax returns, particularly those with rental property tax deductions. It’s fair to say that the ATO’s decision to increase audit activity of rental property deductions has come about with justification. A random sample of tax returns, which included rental property tax deductions, revealed that…
Will your business be denied this tax deduction? Non-compliance with the new PAYG Withholding rules could cost your business thousands in income tax. Are you a business owner with employees or contractors? You need to be aware that new PAYG withholding rules are now in place to deny tax deductions for salary and wages…
Single Touch Payroll has now extended to all employers. Is your business ready? For a couple of years now, there has been a great deal of talk about Single Touch Payroll (STP). Single Touch Payroll was introduced on 1st July 2018 for all businesses with 20 or more employees. However, the law was recently…
The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz. Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not…
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