News

Tax and SMSF audits on still on ATOs radar

Both tax and SMSF audits still on ATO’s radar, but some leniency given

November 6, 2020

While the ATO has lately been focusing on the rollout of stimulus measures, it has also flagged that audit work is not off the table completely. In late July, when the ATO fronted a parliamentary Senate Select Committee on COVID-19, its representative said plans were to start tax audits sometime between September and October 2020.…

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Rounding of GST where fractions of a cent result

Rounding of GST where fractions of a cent result

November 6, 2020

The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”, there is no obligation for parties on either side of a transaction to follow them, as the ATO states: “You and your customer do not need to use the same rounding…

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2020 21 Lodgment Rates and Thresholds

2020-21 Lodgment Rates and Thresholds

October 16, 2020

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including…

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JobKeeper amendments and claiming previous year tax losses

JobKeeper amendments and claiming previous year tax losses

September 1, 2020

JobKeeper amendments There have been some changes made to JobKeeper since our last newsletter. Businesses will need to meet one of the decline in turnover tests for the September 2020 quarter alone (rather than for both the June and September quarters as announced in July) to be eligible for JobKeeper for the period 28 September…

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Where you stand with vehicles and the boosted instant asset write off

Where you stand with vehicles and the boosted instant asset write off

September 1, 2020

The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the higher write off amount, the business turnover threshold test for eligibility was increased to…

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Claiming a deduction for transport expenses when carrying bulky equipment

Claiming a deduction for transport expenses when carrying bulky equipment

August 3, 2020

As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A number of exceptions to this principle exist, including for situations that require bulky equipment be transported to and from work. In order for transport expenses to be deductible under this “bulky equipment” exception, it is usually necessary…

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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…

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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…

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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…

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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…

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