News

Can the ATOs public rulings help your outcomes

Can the ATO’s public rulings help your outcomes?

May 2, 2019

The ATO can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others…

Read more
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…

Read more
Super downsizer scheme essentials

Super downsizer scheme essentials

May 2, 2019

Under the superannuation downsizer scheme, people aged 65 and older can make a non-concessional (post- tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Downsizing enables more effective use of housing stock, and existing contribution caps and restrictions will not apply to the downsizer contribution. The scheme…

Read more
ATOs living expenses tool to help tackle the cash economy

ATO’s “living expenses” tool to help tackle the cash economy

May 2, 2019

It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, it has settled upon certain “averages” of what constitutes…

Read more
2019 Federal Budget

2019 Federal Budget

April 3, 2019

The Treasurer Josh Frydenberg’s first budget has lots of goodies with few “baddies”. This was to be expected with the next federal election only weeks away and the Coalition Government trying to make up ground in the polls. The Treasurer’s “wow” factor was a return to a budget surplus of $7.1 billion for the 2019-20…

Read more
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
tax deductions available for interest dividends

The tax deductions available for interest, dividends and other investment income

April 2, 2019

Photo by Sean Pollock on Unsplash The tax rules allow investing taxpayers to claim some deductions related to some of the expenses and costs that are generated when earning interest, receiving dividends or gaining other investment income. Remember, interest from a bank or other financial institution is part of your assessable income for the year.…

Read more
Deductions for donations

Deductions for donations

April 2, 2019

Photo by Melissa Walker Horn on Unsplash As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called “bucket” donations). To be able to claim a tax deduction…

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