The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were…
DetailsSingle touch payroll exemption for directors and family members The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees. Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family…
DetailsIf you haven’t yet received your 2019 PAYG Payment Summary, this may be why. It’s Tax Time 2019, and we have had a lot of phone calls and emails from clients who are quite confused about when they can book in to get their 2019 tax return done. Much of this confusion is about…
DetailsATO 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…
DetailsThe documents you need at Tax Time to maximise your Tax Refund. “Preparation is the key to you achieving the best tax refund legally possible, and ensuring you’re covered should the ATO ask to review your tax return” – Corinne Cole, Co-founder of Platinum Accounting & Taxation As the financial year comes to…
DetailsThe 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…
DetailsWill 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…
DetailsSingle 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…
DetailsPerhaps you’re looking to buy your first home, or you already have one or more mortgages. You may be seeking a commercial loan or equipment finance. No matter your finance needs, we’ll outline the key benefits of using the services of a Mortgage Broker versus dealing directly with a bank. Did you know that…
DetailsThe 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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