News

Essentials on taxable payments annual reports

Essentials on taxable payments annual reports

June 7, 2019

Operators in some Australian industries as well as select government entities are required by the ATO to lodge a taxable payments annual report (TPAR). The information provided in these reports provides the ATO with the information that allows it to identify contractors who have: not included all their income on their tax return not lodged…

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Alternatives to a tax invoice for certain GST credit claims

Alternatives to a tax invoice for certain GST credit claims

May 2, 2019

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST will generally be required to hold a tax invoice for…

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What you need to know about the beefed up director penalty regime

What you need to know about the beefed-up director penalty regime

May 2, 2019

Being a director of a company, as with any elevation of status, is a role that also brings with it added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. These include, but are…

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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…

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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…

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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…

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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…

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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…

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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.…

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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…

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