ATO focus on claims for laundry expenses
The ATO will more closely examine taxpayers claiming work-related clothing and laundry expenses this tax time. The ATO state that with clothing claims up nearly 20 per cent over the last five years, it believes a lot of taxpayers are either making mistakes or deliberately over-claiming. According to the ATO, common mistakes include people […]
Don’t let your ATO debt harm your business
The Australian Taxation Office recently announced that it will take “timely” and “stronger action” against small businesses with outstanding debts. With stricter ATO penalties looming, staying on top of your returns is now more important than ever. Aside from initial penalties and your tax debt accruing interest, being behind on payments can start to negatively impact your […]
How to access the ATO’s instant asset write-off without hurting your cash flow
Tax breaks are few and far between, and the $20,000 instant asset write-off scheme is a ripper. But more than 60% of businesses aren’t fully utilising it, usually due to a lack of funds available. There’s a lot of confusing information about how the scheme works, and what this means for your cash flow. Here’s […]
Budget 2018: $20,000 instant asset write-off scheme extended for one more year
Australian small businesses have been given 12 more months to take advantage of the federal government’s instant asset write-off scheme. Announced as part of the 2018 federal budget, the popular scheme will be now expire on June 30, 2019, instead of June 30 this year. It’s a small win for small businesses, which have embraced the scheme […]
Cashing Out of Annual Leave
Following recent decisions of the Fair Work Commission, most modern awards now allow employees to cash out annual leave in certain circumstances : Both the employer and employee agree in writing to the cashing out The agreement to cash out annual leave must not result in the employee’s remaining paid annual leave balance being less […]
Backpacker Tax – Have you registered ?
If you employ working holiday makers in Australia on a Visa Subclass 417 or 462, you would need to make some changes to their employment record for the new backpacker tax, applicable from 1 January 2017. From 1 January 2017, the working holiday maker tax rate of 15% applies from the first dollar earned, up to $37,000 […]
Tax Changes which affect your business
Here is a brief summary of the May 2016 Federal Budget which impacts on small business from 1/7/2016: The small business income tax offset will increase from the current 5% to 8%. It benefits sole traders. The company tax rate will reduce from 28.5% (for 2015/16 financial year with turnover less than $2M) to 27.5% […]