Tax Checklists
Please use the below checklists to outline the key documentation and information your Accountant requires to prepare your tax return. Individual Checklist Business Checklist Superannuation Checklist
July 2019 Newsletter
When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes. This new income year is the first where an amount of […]
June 2019 Newsletter
With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year. Also this month we cover the ATO’s compliance actions that it is […]
Single Touch Payroll Information
The way employers report your tax and super information to the ATO is changing. This reporting change is called Single Touch Payroll (STP) and it applies to employers who have 20 or more employees from 1 July 2018 and smaller employers (those with 19 or fewer) from 1 July 2019. If your employer reports through […]
May 2019 Newsletter
To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used. There have been changes made to the director penalty regime, which may mean tighter diligence is needed to stay out of trouble. We also run over […]
The 2019 Federal Budget
This year’s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year. Also note that proposed changes to […]
April 2019 Newsletter
Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims. Business success can pivot on the quality of staff, so ensuring they are […]
March 2019 Newsletter
A business facing the prospect of effectively dealing with losses could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO. We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet. […]
February 2019 Newsletter
Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. We look at two early stage business investment options. Also, a perennial topic of interest for tax is the ability to claim vehicle deductions, so we run over the basics to keep in mind. In this issue we also […]