Unexpected lump sum payment in arrears? There’s a tax offset for that
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Unexpected lump sum payment in arrears? There’s a tax offset for that A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The tax offset that can be utilised with these sorts of payments works to alleviate the problem of a taxpayer being expected to […]
80¢ rate for claiming home office expenses extended
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] 80¢ rate for claiming home office expenses extended The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020). The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents […]
Natural disasters and help with your tax
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Natural disasters and help with your tax Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of […]
Single touch payroll: When your reporting can cease
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Single touch payroll: When your reporting can cease A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or […]