Removing tax deductions for PAYG failure
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Removing tax deductions for PAYG failure The Government is currently considering removing tax deductions where businesses fail to comply with their PAYG withholding obligations for payments to employees and contractors from 1 July 2019. Specifically, deductions are proposed to be denied for these types of payments where the payer has failed to either: […]
Crowdfunding donations to help drought-affected farmers
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Crowdfunding donations to help drought-affected farmers Editor: The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary of the potential tax impact of making […]
The Company Tax Rate Saga
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] The Company Tax Rate Saga In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium […]
Plan Ahead: Tip to Better Prepare for Tax Time 2019
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Plan Ahead: Tip to Better Prepare for Tax Time 2019 It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you […]
EOFY checklist for employment-related tax deductions
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] EOFY checklist for employment-related tax deductions This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable […]
How will Airbnb affect your taxes?
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] How will Airbnb affect your taxes? Airbnb offers an excellent possibility to rent the free room without a long-term commitment. Simply put, it is a convenient way to rent a vacation home that will remain quiet for most of the year. It is possible that some Airbnb host does not realize the effects […]
A Tax Guide for Uber Drivers
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Tax Guide for Uber Drivers When driving for Uber, you are not an employee of Uber; instead, you are an entrepreneur (on a contract). Hence, it’s essential, and you become careful that your tax dealings are adequately managed. That’s why it is imperative for most Uber drivers to use a tax agent. The […]
Managing tax disputes can be like wrestling with a superhero
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Managing tax disputes can be like wrestling with a superhero It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous. A […]
Unpacking statute-barred debts
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Unpacking statute-barred debts Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Specifically, each state […]
The proportioning rule and your SMSF: it’s all about balance
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] The proportioning rule and your SMSF: it’s all about balance When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in […]