New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
How to Prepare for a Tax Office Visit The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches,…
Confusion reigns over superannuation transfer balance cap A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are…
Working from home What deductions can you claim? For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you…
Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…
Tax and the enterprise of renting, hiring or sharing their car, caravan or RV sharing If you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform, you: must declare the income in your tax return may need to pay goods and services tax (GST) on the amounts you earn…
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…
Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has stepped in to protect workers following months of controversial headlines uncovering poor record keeping, questionable workplace practices and exploitation, underpayments, deception, and superannuation guarantee fraud by employers. The Protecting Vulnerable Workers Bill amends the Fair…