By: Melissa Browne If you’re one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, it’s important to know what you can and cannot claim. You don’t want to miss out on […]
By: Melissa Browne The late Kerry Packer famously said, “I don’t know anybody that doesn’t minimise their tax … Of course I’m minimising my tax. If anybody in this country doesn’t minimise their tax they want their head read. As a government I can tell you you’re not spending it that well that we should be paying extra”. […]
By: Max Newnham Advice for when a business is operated through a family trust and family members work in the business. When the owners of a business want the flexibility of distributing income to family members, to reduce the impact of income tax on net business income, a discretionary family trust with a company acting as […]
By: Tax & Super Australia While many may see recently issued ATO advice as re-stating the bleeding obvious, it does of course ring true when it says that lodging returns with incorrect or incomplete information will delay processing. Generally the processing of these incomplete returns will be stopped in order to verify or update details. Helpfully […]
By: Taxpayer It’s human nature to avoid painful administrative tasks – even when completing those tasks results in clear benefit. Superannuation is one of those tasks. ATO stats suggest too many taxpayers are setting-and-forgetting their super responsibilities; in 2014, $14 billion in lost super went unclaimed. With the advent of MyGov, though, it’s now easy […]
By: Steve Burnham The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses. It says that if you use any of these for work purposes, you may be able to claim a deduction if there are records to support your claims. But the ATO points out […]
By: Anthony Keane EXCLUSIVE E-TAX, the free online tax return system used by millions of taxpayers, has been shut down by the Australian Taxation Office. The ATO will announce next week that it has retired e-tax and is replacing it with its simpler, internet-based sister myTax. The move means that all of the three million Australians […]
30 June is just around the corner, which is a great time for businesses to think about the year end results. It’s not just about minimising tax, but also how to show a healthy profit at the same time. Below are some strategies to consider: Asset write offs – For the 2015/16 financial year, the […]
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 […]
