There are changes to company tax rates. While the full company tax rate is 30%, your company may be eligible for a lower company rate. If you are a ‘base rate entity’, your company tax rate is: 27.5% from the 2017–18 to 2019–20 income years 26% for the 2020–21 income year 25% from the 2021–22 […]
By Melissa Browne Unless you are living under a rock, most of us have heard of the term cryptocurrency or, at the very least, Bitcoin. If you haven’t, cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Not […]
By: Dominic Powell It’s no secret that tax time can be one of the most painful times of the year for business owners, with a seemingly ever-changing list of things on the Australian Taxation Office’s (ATO) hitlist and numerous concessions and deductions to keep in mind. To help out, the ATO has released a short list […]
By: Steve Burnham Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018. “Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now […]
The status of the humble invoice took on immense significance in the year 2000 when the goods and services tax was introduced. It was a big year for the country, with Sydney hosting that year’s Olympics in the last half of September, Y2K proving to be a fizzer, as well as the introduction […]
The ATO has just released the latest of what has become a series of annual publications. The report, Self-managed superannuation funds: A statistical overview, started being published in late 2011 and has become an anticipated event for many in the SMSF arena — containing as it usually does some good news. The statistical report […]
By: Steve Burnham It is generally assumed that there is a degree of flexibility within the tax law over particular work travel claims that arise where the nature of the employment is deemed to be itinerant. If you do itinerant work (or have shifting places of work) you can claim the cost for driving between workplaces […]
By: OTA It’s frightening to think that tax time is almost upon us again. Each tax time presents us with a dilemma –hire an expert to take care of our return or use the ATO’s free service. The new myTAX platform that the ATO has launched is undeniably an easy option to process a DIY […]
written by: Ritchie Cruz, Principal Director Last week, the Australian Tax Office (ATO) sounded a stern warning to employees who were demanding “unusually high” work-related expense claims. But why is this so? Following the annual returns of 2014, the ATO had detected a common occurrence where employees were making high expense claims for mobile […]
