What is negative gearing? Negative gearing. It’s a term you’ve probably heard before, but what exactly is it? Does it only relate to investment properties or can it be achieved with other investment types? More importantly, is it something you can benefit from? Have you tuned in to our podcast? Episode 7 is a…
If 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…
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 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…
The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt. New lifetime caps on Higher Education Loan Program (HELP) debt will prevent people from constantly going to University without converting that study into a…
The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft. It says that up to the end of last financial year, $2.7 million was handed over to fraudsters, with about 2,500 individuals providing some sort of personal information to scammers, including tax file numbers.…
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.
With the end of the financial year only a few days away, you still have time to take action to legally reduce your small business tax liability for 2017.
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…
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