News

Tax return tips Australia July 2020

Tax return tips

July 7, 2020

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. Before we talk with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait…

Read more
Instant asset write off extended to 31 December

Instant asset write off extended to 31 December

July 7, 2020

Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this calendar year. Businesses with a turnover of up to $500 million a year will be allowed to…

Read more
Last minute tax planning tactics

Last-minute tax planning tactics

June 3, 2020

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment. While the best strategies…

Read more
Expatriates Part year resident or non resident for tax purposes

Expatriates: Part-year resident or non-resident for tax purposes?

June 3, 2020

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the…

Read more
ATO dusts off the lifestyle asset microscope

ATO dusts off the “lifestyle asset” microscope

March 3, 2020

Photo by Oliver Sjöström on Unsplash If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order. The…

Read more
Tax issues when dealing with volunteers

Tax issues when dealing with volunteers

February 4, 2020

Photo by Anna Earl on Unsplash From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there…

Read more
Lost or destroyed tax records Dont panic

Lost or destroyed tax records? Don’t panic.

November 8, 2019

Photo by Gift Habeshaw on Unsplash Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same…

Read more
Three wise FBT tips for Christmas

Three wise FBT tips for Christmas

November 8, 2019

Photo by Brigitta Schneiter on Unsplash Employers know that popping a champagne cork or three to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.…

Read more
Fictions and facts about work expense deductions

Fictions (and facts) about work expense deductions

October 1, 2019

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen…

Read more
An FBT reporting exclusion for personal security concerns

An FBT reporting exclusion for personal security concerns

October 1, 2019

The ATO has plans in place that it can put into operation to relieve certain employers from reporting all the fringe benefits they provide to staff. The measure however is only triggered where it can be shown that employees’ personal safety is at risk or under threat. Note that the term “security concerns” in relation…

Read more