The 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…
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…
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.
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…
The ATO has warned that they will be auditing more taxpayers this year. Avoid a tax audit with this very handy tax-time tool.
Find out who are the winners and losers of Federal Budget 2017.
If you recently have or ever plan to apply for certain tax offsets, concessions or government benefits, the basis for eligibility can be determined based on your “adjusted taxable income” (ATI).
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.
The ATO is focusing on claims that investment property owners make for repairs to residences that it deems to in fact be ‘improvements’.
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