News

The approach to tax when youre working from home

The approach to tax when you’re working from home

April 2, 2019

Photo by Roberto Nickson on Unsplash If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions. Otherwise…

Read more
Single touch payroll rollout for smaller employers

Single touch payroll rollout for smaller employers

April 2, 2019

Photo by Kelly Sikkema on Unsplash A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO refers…

Read more
Staff training costs deductible but beware FBT

Staff training costs deductible, but beware FBT

April 2, 2019

Photo by Dylan Gillis on Unsplash One of the recognised keys to business success is having knowledgeable, efficient and well-trained staff. But it is not always possible (or is indeed rare) to have potential staff walk in off the street who are a 100% perfect fit. People employed at any business will naturally benefit, to…

Read more
The same business test to be replaced by a similar business test

The same business test to be replaced by a “similar business” test

March 1, 2019

Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test. The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current…

Read more
The work Christmas party

The work Christmas party

November 6, 2018

It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities. There is no separate fringe benefits tax (FBT) category for Christmas parties…

Read more
ricardo gomez angel 162935 uns

Personal services income: An overview

October 4, 2018

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 allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear.…

Read more
Self employed you could claim a deduction for saving for your retirement

Self-employed? You could claim a deduction for saving for your retirement

September 11, 2018

A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for…

Read more
Change in creditable purpose for GST reporting purposes

Have you had a change in creditable purpose for GST reporting purposes?

September 11, 2018

Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for assets that have had their intended use change from that originally planned, you need to…

Read more
Your claim for a business tax loss can be denied

Your claim for a business tax loss can be denied

August 2, 2018

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims. The ATO has the discretion to disallow…

Read more
Let a GST credit slip through the cracks

Let a GST credit slip through the cracks? All is not lost!

August 2, 2018

Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST credit you’re entitled…

Read more