You must bring in your bank account details if you expect to get a refund. The ATO will only allow a tax return to be lodged electronically if there are the relevant bank account details included on the front page of the tax return (assuming a refund) You must bring your Private Health Insurance Tax…
Details1. It helps you keep your eye on the prize A budget helps you figure out your long-term goals and work towards them. If you just drift aimlessly through the next financial year, tossing your money at every pretty, shiny object that happens to catch your eye, how will you ever have enough surplus funds…
DetailsThe new Act reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year. The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at…
DetailsLast Tuesday Joe Hockey handed down his second budget. I can safely say this isn’t as harsh and boring as the budget from a year ago. Small businesses that are making some money are the big winners. The Instant Asset Write-Off From 7:30pm Budget night to 30th June 2017 if you are a small business…
DetailsWhenever you get audited by the ATO it’s never a good thing. FBT Car Audit Activity is on the rise. If you have a non commercial vehicle in a company or trust structure you should be prepared if you do have an audit as coming through unscathed may be difficult. Here are some tips. Valid…
DetailsMaximise Super Contributions – Use the Cap $30, 000 for people aged 18-49 as at 30 June 2014. $35, 000 for those 50 and above. Caps will remain the same in the 2015 year. Super guarantee is included in these caps. So do not exceed the limits as 46.5% tax will apply. Superfund must receive…
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Pizza delivery drivers, who must provide their own cars in performing their deliveries, are employees for the purposes of Superannuation Guarantee (Administration) Act 1992 (SGAA). Facts: – A taxpayer operated a pizza delivery franchise where the delivery drivers were required to provide and maintain their own vehicles. The conditions meant they had to sign an…
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We know that most small business are required to pay their GSTon a quarterly basis. A problem we see a number of small businesses encounter, particularly those new to business, is that… good cashflow can be difficult when it comes around to paying the BAS. It is important to remember when charging customers, that you…
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As Tax Agents and accountants we get asked this quite often. Some countries are taxed on their gambling winnings. Australia is the lucky country and the income derived from these activities is not taxable for three main reasons:- 1) It’s generally not considered a profession. It’s a hobby or recreational activity. 2) Gambling is generally…
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