The ATO have introduced a new schedule for personal income tax returns for the 2019 income year. This new schedule is in response to the ATO’s view that many taxpayers are overstating their allowable deductions and that the cost to Treasury is measured in billions of dollars. The new schedule requires details on an item [...]
From the financial year 2019 through to 2022, there are two tax offsets with similar sounding names that taxpayers may be able to qualify for at the same time. These offsets are non-refundable, which means they reduce your tax liability but any unused portion will not be refunded. These offsets are calculated automatically when you [...]
Unless a deferral was in place, the requirement for employers with 20 or more employees to report through Single Touch Payroll (STP) began on the 1st July 2018. STP will apply to all employers, with a gradual start date depending on which category an employer falls under: Employers with 5–19 employees (small employers) These employers [...]
Inside this month's Your Knowledge Update, how to classify workers in the sharing economy, the new legislation that denies a tax deduction if you don't meet your tax obligations and the next stage of the ATO's data matching program. Download this month's issue here - Your Knowledge Update - December 2018.
Inside this month's Your Knowledge Update, the accelerated tax rate reduction for small business, the new rules for gift cards and travelling to and from your investment property. Download this month's issue here - Your Knowledge Update - November 2018.
Inside this month's Your Knowledge Update, the ATO's home office expense crackdown - what you can and can't claim. Plus, what does the US/China trade war mean for Australia? Download this month's issue here - Your Knowledge Update - October 2018.
Inside this month's Your Knowledge Update, the online rental blitz with 190,000 taxpayers 'examined' by the ATO, the new company tax and franking rates explained, and the new inheritance tax safe harbour. Download this month's issue here - Your Knowledge Update - September 2018.
Do you have a trading name? Have you registered your trading name with the ASIC? Starting November 2018, all trading names will be removed from the ABN lookup on the Australian Business Registrar website. From November 2018 onwards, if you wish to trade under a specific name you will need to register it as a business [...]
In this month's Your Knowledge Update we pose the question of whether Australians are really willing to pay more to support our farmers and if you are holding back your business by not doing some simple things. Download this month's issue here - Your Knowledge Update - August 2018.
Superannuation Contributions for 2018/2019 The contributions that a member can make into a superannuation fund will depend on whether those contributions are classified as “concessional” or ”non-concessional contributions”. Concessional contributions refer to contributions made with before tax dollars while non-concessional contributions refer to contributions made with after tax dollars. For example. Employer contributions including salary- [...]