Last week the ATO announced a temporary simplified ‘short cut’ method aimed to make it easier for individual taxpayers to claim tax deductions for additional expenses incurred as a result of working from home due to the current pandemic – Covid-19 or Coronavirus.
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.
Parliament passed new laws last month directly aimed at the behaviour of taxpayers that don’t meet their PAYG obligations.
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.
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:
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!
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.
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.