By Alex Alexandrou KEY FACTS What: Single Touch Payroll (STP) When: 1 July 2018 By: Australian Taxation Office For: Employers with 20 or more employees *The STP will apply to employers with 19 or less employees from 1 July 2019 – subject to parliament Time is well and truly ticking as the countdown begins for larger businesses in Australia […]
By Jackson Stiles Lost, unpaid and eroded superannuation will be reunited with workers under a massive superannuation package announced in the federal budget – which will also try to kick our addiction to lump sum payouts in retirement. Fewer bosses will get away with stealing retirement payments from their workers and less super will be eaten […]
By: Melissa Browne This year, the Tax Office issued a warning it was targeting “the large number of mistakes, errors and false” claims made by rental property owners who use this property for their own personal holidays. If you own a rental property and it’s being rented consistently by the one tenant, this warning doesn’t apply […]
By Noel Whittaker June 30 is rapidly approaching, which means there are things you should do in the near future to improve your financial situation. Smart tax planning means deferring income while bringing forward expenses. For example, if you have money to spare, think about placing it in a term deposit with the interest maturing after […]
By Steve Burnham As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however specific situations where this rule does not apply, and there can be circumstances where you may be entitled to claim some of the travel expenses between your home and […]
By: Steve Burnham With the end of the financial year in sight, there is one more thing your clients will need to be aware of regarding changes to the tax landscape — especially those thinking of purchasing a residential property. From 1 July this year, buyers of new residential premises (or “potential residential land”) will […]
By Simon Dorevitch A century on from the High Court’s landmark decision in Spencer v Commonwealth1, Simon Dorevitch sheds light on the term “market value” and its implications for tax purposes. Under Australia’s tax laws, taxpayers are frequently required to determine the market value of an asset or liability. The Inspector-General of Taxation found that there […]
By Melissa Browne Most Australians look at the federal budget through the lens of “what’s in it for me”. As a nation that’s more than $600 billion in debt, it’s a habit we need to break or we’re only ever going to get the politicians (and budgets) we deserve. But I digress. My lens when […]
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 […]
By: Simon Dorevitch 1 AFFILIATES Remember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Since 1 July 2007, an individual or a company is an affiliate of yours if the individual or company acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you, in […]
