Author: Emily Kermac
Can the tax office take money out of your account? It’s your right to know.
If the ATO has queries or suspects something is not right, you need to be able to respond.
The tax deductibility of Christmas gifts and parties to staff
Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).
Cash Accounting vs Non-Cash Accounting For Reporting GST
As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.
ATO Take ‘Gloves Off’ On Overseas Income
The ATO have again flagged that under-reporting of foreign income is an issue.
Government To Restrict Business Cash Payments
Payments of $10,000 or more will need to be made electronically or by cheque.
The Tax Time Crackdown On SMEs
The tax office are continually warning small businesses of their sophisticated data matching and analysis tools which are pointing out all dodgy lodgements.
Be Careful With Claiming Laundry Expenses
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses.
ATO Warns Small Business As We Enter Tax Time
It indicates a stricter stance against cheating taxpayers in 2019.
What Is Payroll Tax And Do I Have To Pay It?
Some employers in Australia have an obligation to pay payroll tax, while others do not.
Fuel Tax Credit Rates Have Increased
These rates regularly change, typically in February and August, in line with fuel excise indexation and the consumer price index (CPI).
Claiming Car Expenses: Cents Per Km or Logbook Method?
From 1 July 2015, the ATO reduced your options for claiming car expenses down to two methods.
Important Tax Dates: May 2019
May 21 – April Monthly Instalment Activity Statement (IAS) due
May 26 – March Quarterly Business Activity Statement (BAS) due, if lodging through a BAS or tax agent