Tax myths busted! With tax season underway, the ATO has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Helping Australians get their returns right Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. Top of the list is the myth that everyone is entitled to claim a…
$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to…
1 July 2018 Personal income tax cuts New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with…
Company tax change in limbo An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 income year. While the Government introduced a Bill to…
Tax time: 4 claims that catch out tradies Every end of financial year tradies prepare their tax returns, and sometimes a big dose of hope comes into play about what can be deducted. Want to avoid the ATO fishing you out? From tools of the trade to travelling back and forth from various jobs, getting…
What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and…
3 tax deductions on this year’s ATO hit list Every year the ATO makes it known what sort of deductions will be getting the eagle eye. So far, here’s what we know about this year: The ATO publicly flags a couple of areas it’s looking at because (surprise, surprise) it’s not really trying to scrounge…
10 commandments of a stress-free stocktake If your business produces or purchases stock for the market, you’ll likely need to do at least one stocktake at the end of the financial year for tax reasons. You should do your stocktake as close to the end of the financial year as practical. If you choose not to stocktake,…
CGT and the family home If you are a foreign citizen currently living in Australia but planning to leave Australia at some stage in the short to medium term then these new rules are likely to impact on you. If you owned your home at or before 9 May 2017, you can access the main…
CGT and the family home If you are an Australian citizen working overseas but a non-resident for tax purposes, these new rules are likely to affect your main residence in Australia. If you maintain your main residence in Australia, you can use the absence rule to maintain the exempt status of your property just in…