Weirdest tax deductions revealed

Weirdest tax deductions revealed

Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.

FBT and Uber style ride sharing

FBT and Uber style ride sharing

When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also qualify for the exemption?

Confusion over personal income tax changes – what are you really entitled to?

Confusion over personal income tax changes – what are you really entitled to?

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them.

Are you ready for the end of financial year?

Are you ready for the end of financial year?

The end of financial year is upon us again (yep sneaks up doesn’t it!). Are you ready? Have you considered what you can do to maximise your opportunities at this time of the year? There are many ways to take advantage of tax planning initiatives to manage taxable income.

How seriously do you take estate planning?

How seriously do you take estate planning?

Living a financially organised life inevitably also means preparing for a financially organised death.

Having a sound estate plan in place is more than just writing a Will, and is definitely not something that should be left until the last minute. Developing a strategic estate plan is essential when you are planning for retirement. So, where do you start?

What does Single Touch Payroll mean with your EOFY reporting?

What does Single Touch Payroll mean with your EOFY reporting?

Single Touch Payroll (STP) is a new regulation introduced by the ATO. All large businesses (more than 20 employees) should now be using STP, or have applied for a later start date. For employers with less than 20 employees, STP reporting will begin on 1 July 2019.

ATO doubles rental deduction audits

ATO doubles rental deduction audits

In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.

A Labor Government on Tax & Super

A Labor Government on Tax & Super

In general, taxpayers are able to deduct from their assessible income any expenses they incur generating or producing that income. An investment is negatively geared when the cost of owning the asset is more than the return. Negative gearing is not limited to property but can apply to other assets such as shares.

What do you do if you've been hacked, breached or scammed

What do you do if you've been hacked, breached or scammed

The latest data breach report from the Office of the Australian Information Commissioner (OAIC) is surprising for the simplicity of the problems - 37% of data beaches resulted from human error not malicious attack. In over 20% of reported cases, personal information was simply sent to the wrong recipient. Another 6% of complaints were attributed to system faults.

What do you think would happen if......?

What do you think would happen if......?

It’s a sad fact that life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming.

The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher.

ATO extends data matching program

ATO extends data matching program

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.

Travelling to and from your investment property

Travelling to and from your investment property

From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property.