News

Deduction tip: Can you claim the cost of travelling to this office?

Deduction tip: Can you claim the cost of travelling to this office?

July 4, 2017

Tax time has arrived, but before you have us lodge your return here is another deduction tip — should your circumstances allow (or file this away for next income year.) The ATO recently issued what it calls a “tax determination” which more clearly spells out the circumstances of what may be an allowable claim (under…

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What powers does the taxman have to access your information?

August 7, 2014

When it comes to collecting tax money owing, the Tax Office has considerable legal powers at its disposal. This isn’t all that surprising, given that government coffers would be empty were it not for the activities of its principal revenue collection agency. But just how far can the Tax Office go in its efforts to…

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Tactical business deductions for your end-of-year tax planning

Tactical business deductions for your end-of-year tax planning

June 11, 2014

There are various legitimate ways to go about minimising your business’s tax liability, with various straightforward tax deductions that most businesses can utilise. The general rule is that you can claim deductions for expenses your business incurs in its task of generating income. Many of these deductions are obvious – rent, materials, supplies and so…

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End-of-financial year tax and super tips for individuals

End-of-financial year tax and super tips for individuals

June 11, 2014

With the 2013-14 financial year quickly drawing to a close, it would be the ideal time for individuals to undertake some tax and superannuation planning for the year. The checklist below outlines some pertinent matters to consider and provides planning tips for the 2014-15 financial year. The list is by no means exhaustive; consult this…

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Federal Budget 2014-15

Federal Budget 2014-15

May 15, 2014

Delivering his first Federal Budget statement, the Treasurer once again emphasised the tough decisions, the fiscal mess his predecessors left behind and the heavy lifting all of us have to do to fix it. However his statement was remarkably light on tax related measures, although he did acknowledge that a review of the tax system…

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What can small businesses claim this year?

March 4, 2013

As a small business owner, there are a plethora of tax benefits, incentives, concessions and offsets that can potentially be used. This represents a significant challenge when you have 1,001 matters to think about and an enterprise to run. Here are three changes to the simplified depreciation rules that you may have missed (they apply…

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Data matching, and how the ATO uses it

February 12, 2013

Tax in Australia is based on a system of “self-assessment”, which means every taxpayer is required to provide all the information needed to complete a tax return. Under self-assessment, any information you give to the ATO is accepted as being accurate and complete, and the ATO does not take on the responsibility of completing people’s…

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