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Claiming Work-Related Expenses

By |2019-10-17T10:27:12+11:00September 17th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Your Knowledge Update -September 2019

By |2019-09-09T14:32:14+10:00September 9th, 2019|Accounting, Small Business, SMSF, Superannuation, Tax|

Inside this month's Your Knowledge Update, the ATO is clamping down on undisclosed foreign income, what rental property expenses you can and can't claim and ATO concerns about the lack of diversity with SMSF investment strategies. Download this month's issue here - Your Knowledge Update - September 2019. rent online concept, woman using internet website for [...]

Low Income Tax Offset (LITO) And Low and Middle Income Tax Offset (LMITO)

By |2019-10-17T10:14:58+11:00September 5th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Single Touch Payroll – What Start Date Applies To Your Business?

By |2019-08-29T12:48:37+10:00August 29th, 2019|Accounting, Hospitality, Small Business, Tax|

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 [...]

Your Knowledge Update -August 2019

By |2019-08-08T17:13:24+10:00August 8th, 2019|Accounting, Small Business, Superannuation, Tax|

Inside this month's Your Knowledge Update, confusion over the personal income tax changes and what you are really entitled to, why the Government does not want your business accepting cash payments of $10,000 or more, the tax treatment of compensations from financial institutions, and FBT and ride sharing services. Download this month's issue here - [...]

CGT Exemptions, using the 6 year absence rule

By |2019-08-07T12:51:46+10:00August 7th, 2019|Accounting, Tax|

Treating a property as a principal place of residence (PPOR) is one of the more common Capital Gains Tax exemptions available.  As we know, in most cases there is no tax payable on the sale of the family home (provided the land is under 2 hectares). The 6 year absence rule follows on from the [...]

Social Media – Boom or Bust

By |2019-08-07T12:30:54+10:00August 7th, 2019|Small Business|

We see the growth in social media use every day and it is hard to escape the encroachment into our personal lives. Whether you are a fan or a foe there is no denying the influence social media has on our businesses as well. Many businesses have borne the brunt of negative sentiment (correctly or [...]