As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.
The ATO have again flagged that under-reporting of foreign income is an issue.
Payments of $10,000 or more will need to be made electronically or by cheque.
The tax office are continually warning small businesses of their sophisticated data matching and analysis tools which are pointing out all dodgy lodgements.
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses.
It indicates a stricter stance against cheating taxpayers in 2019.
Some employers in Australia have an obligation to pay payroll tax, while others do not.
These rates regularly change, typically in February and August, in line with fuel excise indexation and the consumer price index (CPI).
From 1 July 2015, the ATO reduced your options for claiming car expenses down to two methods.
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
April 21 – March Monthly Instalment Activity Statement (IAS) due
April 28 – March Quarterly Business Activity Statement (BAS) due, if self-lodging
Which method for car claiming is best for you?