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18 Apr, 19

Instant asset write-off changes

Beginning with the 2012/13 income year, small businesses have been able to claim an immediate tax deduction for business assets purchased under a certain value. In broad terms, deductions for most of the depreciating assets acquired by a small business entity are determined in one of the following ways: an asset receives an immediate deduction […]

18 Apr, 19

Single touch payroll for everyone

Single Touch Payroll (STP) has been introduced into the Australian tax system to combat areas of taxpayer non-compliance of PAYG withholding and superannuation guarantee obligations. Past legislation has been enacted which brings this new payroll system into commencement from 1 July 2018. 2018/19 income year Only “substantial employers” need to have or implement STP (TAA […]

18 Apr, 19

7 Tips for Surviving the Aussie Tax Season

1. Plan Early and Communicate Remind your family and social circle that tax season is coming up and you’ll be busier than usual. Plan ahead by letting them know you’ll be putting in long hours at work and may be unreachable at times. Set expectations on how you’ll respond to requests and obligations. You’ll find […]

18 Apr, 19

How Technology is taking over the profession of Accounting

The accounting profession is on the verge of complete revolution as automation, machine learning and robotics are expected to take over the job of an accountant completely. It doesn’t indicate that the accounting profession is dying, as long as the companies will exist, the accountancy too will remain in need. With the increase in technological […]

Regulations made to correct technical and drafting defects in super and tax laws

Regulations have been made to correct technical and drafting defects, and remove anomalies and inoperative provisions to the competition, corporations, superannuation and taxation laws. The Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2018 (F2018L01691) make amendments to the following: the Income Tax Assessment Regulations 1997 the A New Tax System (Australian Business Number) Regulations 1999 the Superannuation Industry […]

16 Nov, 18

ATO to Earmark Shareholders Hiding Profits with its Current Data Matching Program

The Australian Taxation Office has affirmed that it will carefully examine the individuals share trading data of the year 2014 (as a segment of its data matching program). On Tuesday, the Tax Office declared that it will have a peak into over 500 million share trading records along with the new records that are acquired […]

14 Sep, 18

This tax season ATO is all set to emphasize Work From Home

Last year, a sum of 6.7 million tax payers claimed a record breaking amount of $7.9 billion in tax deductions that were associated with “other work-related costs” told Kath Anderson -Assistant Commissioner, Australian Taxation Office (ATO). Ms. Anderson disclosed that “The current trend of working from home is on the curve and is touching the […]

22 Aug, 18

ATO’s Review On The Online Rentals

A pervasive data-matching program is being launched by the Australian Taxation office (ATO) to determine the taxpayers that are getting income from rentals of short period. Details for an average of 190,000 people of Australia will be determined from online platform sharing web portals to discern the taxpayers who didn’t include their rental income and […]

14 Aug, 18

ATO’s ‘ new call on company cars might be “rude awakening” for the employers

With the instigation of ATO’s (Australian Taxation Office) new guidelines, near time might be traumatizing for the employers. It’s expected to be a more amplifying compliance after the modifications made in FBT (Fringe Benefit Tax) rule. There is a myriad of guidance released for the personal utilization of salary-packaged conveniences incorporating the usage of utes. […]

19 Jul, 18

4 Simple Ways To Pay Less Tax This Tax Season

The end of financial year is often the trickiest and tiresome for business owners, who are already time strapped. Paying your tax on regular basis always brings good reputation for your company. No matter you are a start-up or a corporate giant, you should always make precise planning before tax season to avail all the […]

Instant asset write-off changes

Single touch payroll for everyone

7 Tips for Surviving the Aussie Tax Season

How Technology is taking over the profession of Accounting

Regulations made to correct technical and drafting defects in super and tax laws

ATO to Earmark Shareholders Hiding Profits with its Current Data Matching Program

This tax season ATO is all set to emphasize Work From Home

ATO’s Review On The Online Rentals

ATO’s ‘ new call on company cars might be “rude awakening” for the employers

4 Simple Ways To Pay Less Tax This Tax Season

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