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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.

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.

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.

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.

Why women need to think about working with a financial planner

Why women need to think about working with a financial planner

Why is it that many women choose not to seek more professional financial advice?

In general, women have a longer life expectancy than men, living on average 6 years longer, so there is a high chance of women outliving a partner. This means that for many women, their superannuation will have to stretch further.

Who gets a tax cut from 1 July?

Who gets a tax cut from 1 July?

1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. The seven year plan benefits low and middle income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for everyone.

Your essential EOFY checklist

Your essential EOFY checklist

No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you.

What’s changing on 1 July 2018?

What’s changing on 1 July 2018?

For individuals there are personal tax bracket changes coming from 1 July 2018 - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.

One-off Super Guarantee Amnesty

One-off Super Guarantee Amnesty

Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month.

2018 Federal Budget Update

2018 Federal Budget Update

The 2018 Federal budget was handed down by Treasurer Scott Morrison in Canberra on Tuesday 8 May in the midst of Australia experiencing its 27th year of consecutive growth.