Taxation

ATO Small Business Newsroom

The Australian Taxation Office (ATO) has sought to simplify information available to small businesses, developing an online “newsroom” to inform business owners about their tax and super obligations.

Known as the “small business newsroom”, the platform gives business owners… Continue reading →

Tax Tips for Year-End

Tax planning shouldn’t be left until last few weeks and days of the financial year.  Forward planning is the best way to ensure an optimal outcome.

With the end of another financial year only a few not the way,… Continue reading →

The Most Common FBT Mistakes

Fringe Benefits Tax or (FBT) is a Federal tax payable by employers who provide taxable fringe benefits to employees, or associates of employees, in respect of their employment, other than exempt benefits.  There is some confusion amongst businesses in… Continue reading →

Small Business Simplified Depreciation Rules

Small business taxpayers will benefit from more generous depreciation rules which will ultimately improve cashflow by allowing bigger deductions in earlier years.

Depreciation has been made simpler for small business in the 2012-13 income year. There are three primary changes… Continue reading →

ATO Has Announced New Data-Matching Targets

Data-matching is  a technique now regularly used by the ATO to gather a wide range of information it can then trawl through to detect compliance with the tax laws.

No one should underestimate the sheer volume of data the… Continue reading →

Work Related Car Expenses: What To Claim?

Car expenses are the most common work related expenses and is one of the largest expenses. Car expenses are costs incurred as a result of using your car (whether owned, leased or hired under a hire-purchase agreement) for work-related travel… Continue reading →

Changes To GST Commercial HP

Two significant changes have been made to the GST treatment of supplies under hire purchase agreements, to come into force on 1 July 2012.

Historically, whether an entity could claim all of the GST upfront on an item purchased under… Continue reading →

Tax Avoidance and Planning Schemes

The difference between tax evasion and tax avoidance is not always clear, but the difference is this.

Tax avoidance is where structures are set up to route money through low tax routes, or attempting to take advantage of unintended benefits… Continue reading →

Carry-Back Tax Losses – Who Can Claim?

From the 2012-13 income year, companies (but not trusts or other entities) will be allowed to carry-back tax losses so they receive a refund against tax previously paid.

For example, a manufacturer makes a profit in 2011-12 and pays $300,000… Continue reading →

Rental Property Tax Mistakes To Avoid

There are several tax advantages available when you invest in property.  Through negative gearing, there may be considerable amount of tax that can be saved on your personal income.

Rental property tax mistakes causes some anxiety for rental property… Continue reading →

New Tax Changes For Businesses

While business owners may not have found too much to get excited about in this year’s Budget, there are a couple of notable new tax changes for businesses, and confirmation of some previously announced measures.

Company Tax Rate

The… Continue reading →

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