Viewing entries tagged
Tax Return

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.

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.

Things to think about this tax time

Things to think about this tax time

It is that time of the year – yep…tax time.

Whilst many of us put off the inevitable, we thought it would be worthwhile pointing out a few things that you should consider when preparing your information for your accountant at tax time:

It's tax time - check out our taxation check lists to make life easier!

It's tax time - check out our taxation check lists to make life easier!

Taxation can be a major cost to you and/or your business. To make your life easier we have provided the following checklists that you can download. For individuals, download and complete the various fields; for businesses, this is a reminder checklist so you can be sure to be organised!

Are you a tradie? Here's some tips about what you can claim as tax deductions

Are you a tradie? Here's some tips about what you can claim as tax deductions

If you work in a particular trade that involves manual labour then you are undoubtedly a tradie…or trades person.

Any financial outlay that you have in order to be able to carry out your job is classed as an expense. Tradies have many costs in doing their business, including transport, tools and safety or particular types of clothing.

Tax scams catching out the unwary

Tax scams catching out the unwary

Every tax time is an opportunity for scammers to target the unwary.

This time around, the scammers are phoning and claiming to be from the prosecutions department of the ATO. They then state that they believe you have committed fraud and the Sheriff’s Office has been called. You can of course make this all go away by transferring cash using the details they provide or by giving your details to them. All of it is fake.

What will change on 1 July 2015

What will change on 1 July 2015

For Business

  • Small business tax cut - 1.5% for companies and 5% tax discount for unincorporated small businesses under $2m (capped at $1,000)*
  • Employee share scheme rule changes to make the schemes more attractive particularly to start-ups (covered in our April update)*
  • 'Fly in fly out' and 'drive in drive out' (FIFO) workers will be excluded from the Zone Tax Offset (ZTO) where their normal residence is not within a 'zone'*
  • Start-ups able to immediately deduct a range of professional expenses required to start up a business – such as professional, legal and accounting advice.*
  • The way work related deductions for car expenses are calculated will change. The '12% of original value method' and the 'one‑third of actual expenses method' will be removed. The 'cents per kilometre method' will be modernised, replacing the three current engine size rates with one rate set at 66 cents per kilometre to apply for all cars.

Superannuation

  • The terminally ill will be able to access super earlier*
  • Employers with 20 employees or more must use SuperStream for employee contributions.

Individuals

  • Changes to family tax benefits – income test changes, add on child payment removed, and changes to large family supplement.
* announced change not yet law. 

“This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs”.