Closing Deductions Hung Out to Dry
The Australian Taxation Office (ATO) is closely examining expense claims relating to work and laundry of taxpayers submitting their 2017-2018 tax returns. The ATO says that clothing claims are nearly [...]
Small Business Superannuation Clearing House (SBSCH)
Making things easier. Designed to make the super contribution process much easier, the Small Business Superannuation Clearing House (SBSCH) is a superannuation payment service (administered by the ATO) made available [...]
Tax Payable Over the Next 7 Years To be Reduced
Here are some things you should know about the reduction of tax payable over the years. * With the passing of income tax legislation, a reduction in your tax payable [...]
New HELP Repayment Levels Now Implemented
All individuals with an accumulated (HELP) debt earning about $45,000 are now obliged to pay at least 1% of their income to the Australian Taxation Office (ATO). This is to [...]
How the ATO Identifies Targets
Will your business be audited? The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business [...]
When Can You Take Your Super?
The cash sitting in your superannuation fund (super) can be tempting, particularly if you are short of cash. But the reality is, there are very few ways you can take [...]
$20k Accelerated Deductions for Small Business Extended Another Year
The ability for small business entities to claim an immediate deduction has been extended for another 12 months. This is for assets costing less than $20,000. Extension will be until 30 [...]
Legislation Restricting Access to the Small Business Company Tax Rate Reduction
80% or less of the entity's assessable income must be passive in nature to access the reduced company tax rate. The good news is that, unlike the Exposure Draft, the [...]
Changes that Occurred Since July 1
Take notes. July sure is a month full of changes. Individuals Personal tax bracket changes- The top threshold of the 32.5% personal income tax bracket has increased from $87,000 to $90,000*. Introduction [...]
Company Tax Change in Limbo
An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018. The [...]