The ATO is currently targeting work-related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in
Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here
If your taxable income is under the tax-free threshold you may still need to lodge a tax return. Common reasons for this include, if you: – are entitled to the private health insurance rebate but did not claim your correct
Many taxpayers who rent out a room in their home, whether it be via Airbnb or another avenue, are unaware that the practice can incur capital gains tax (CGT). Many assume CGT does not apply because profit made on the
Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the
The ATO has identified that businesses in the supermarket, bakery, computer system design and car retailing industries often need more help meeting their tax and super obligations. From July 2016, the ATO will be undertaking audits of employers who continually
The Budget has introduced a series of changes to superannuation tax arrangements that are intended to align superannuation with the purpose of providing income in retirement. The key elements of the superannuation changes include: Introducing a transfer balance cap: There
This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that
Wishing all our clients and business associates a very Merry Christmas and Happy New Year 2016 Please note the office will be closed from Friday 18th December and re-open on Tuesday 5th January. Should you require any urgent assistance during
Our new sign is up, thanks to Jim from Design Craft SA for the design and installation. We have had a great response to our new location, with many new clients dropping in to discuss their accounting requirements. It’s also
