As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement.…

The Tax Office has flagged work-related car expenses as a concern this tax time. The ATO is targeting those who make mistakes or deliberately lodge false claims. Examples include: – Claiming things…

The Government will continue its commitment to strengthen the economy by focusing on improving its integrity measures to create a fairer level-playing field for all. Funding new ATO enforcement Additional funds will…

The 2018 Federal Budget is built on the back of a historically strong post-mining boom Australian economy, triggering fairly conservative changes to tax policy. The Budget’s strategy is to provide sustainable tax…

The Australian Tax Office is standing by its actions undertaken that were presented on a recent current affairs program. The ATO says where taxpayers fail to lodge tax returns and BAS returns…

Employers can employ holiday makers on either a Working Visa (subclass 417) or a Working and Holiday Visa (subclass 462). Employees on either visa are taxed at 15 per cent from the…

Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July…

Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business. These credits can greatly benefit business owners but it is important to…

The Tax Office has rental property owners in its sights this tax season with a large number of mistakes, errors and false claims made by some using their own property for personal…

The Australian Tax Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency such as Bitcoin as payment for fake tax debts. The ATO became…

The Australian Tax Office (ATO) is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll. Single Touch Payroll will be introduced from 1 July 2018,…

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000…

The Australian Taxation Office is continuing to pay close attention to claims made as ‘work-related expenses’ throughout 2018. Making incorrect claims of work-related deductions can land you in hot water with the…

While we like to think of business ventures as a platform to make money, there are also many expenses that will be incurred through running one. Luckily, there are many tax deductions…

The Australian Tax Office is honing in on small businesses failing to comply with guidelines regarding appropriate record keeping. Findings from the ATO’s Protecting Honest Business campaign indicated that one of the…

The Australian Taxation Office is urging all businesses and individuals to take care in relation to avoiding the risk of fraud. With a focus on criminals lodging fraudulent returns in order to…

This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance. As of May 2017, the…

The Government has announced a reform of the Deductible Gift Recipient (DGR) status to strengthen governance arrangements, reduce administrative complexity and ensure trust and confidence in the sector. The reforms are as…

With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently…

It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax…

The Australian Tax Office (ATO) is targeting privately owned and wealthy groups that display specific behaviours and characteristics in relation to their tax affairs and lifestyle. A large focus is currently on…

The holiday season is a peak time for activities in the sharing economy to increase. During this time those participating in the sharing economy must not forget their tax obligations. The most…

The Australian Tax Office (ATO) will be closed from midday Friday 22 December 2017 to 8.00am Tuesday 2 January 2018 over the festive season. The Tax Agent Portal Dashboard and BAS Agent…

Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt. To make a prepayment to the…

The holiday season is a busy time of year for many businesses and it is not uncommon to hire staff particularly for this period. If your business is one with an influx…

The Australian Tax Office (ATO) has sophisticated data matching programs in place to ensure individuals and businesses are complying with their obligations and to uphold the integrity of the tax system for…

Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the…

Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to…

To protect honest, compliant Australian businesses, the Australian Taxation Office has placed a strong emphasis on targeting the cash and hidden economy. The ATO is visiting businesses that deal predominantly in cash,…

The ATO has established the ‘Business Assistance Program’ to help new business owners understand their tax obligations associated with running a business. Small businesses that have recently registered for an ABN, registered…

When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling…

In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong…

Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the…

Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need…

Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time. You may be able to claim expenses such as: Parking fees…

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually…

From 1 July 2018, employers with 20 or more employees will report payments to the Australian Taxation Office at the same time as they pay their employees, using the Single Touch Payroll…

The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small…

Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry…

The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year…

On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase…

Activity statements generally issue from the ATO by the end of the month but in some circumstances they can be generated early. Business owners can access activity statements early in the following…

Small businesses with a turnover of less than $10 million from 1 July 2016 can write-off assets costing less than $20,000 each up until 30 June 2018. The simplified depreciation rules apply.…

The ATO is cracking down on individuals who are over-claiming work-related expenses. The Tax Office is reminding individuals that they can only claim a work-related deduction if: – they have spent the…

Employers must use the correct business industry code on their tax returns to ensure their return is lodged in the correct category. Using the correct business industry code reduces the risk of…

When an employee leaves, business owners may be required to withhold from unused leave payments, under the PAYG withholding system. There are special rules for withholding that apply to payments made to…

Trustees are required to make resolutions to distribute trust income by 30 June 2017 to ensure that the resolutions create present entitlement for tax law purposes. The ATO is reminding trustees to…

From 1 July 2017, the ATO is reducing the amount of information needed for the business activity statement (BAS). Small businesses with a GST turnover of less than $10 million will use…

From 1 July 2017, the 10 per cent maximum earnings condition will be removed for those individuals who wish to claim a deduction for personal super contributions. In 2016-17, individuals can claim…

Employers can claim a credit for any GST included in the price of any goods and services they buy for their business. To claim GST credits, business owners must be registered for…