ATO

17 Jun, 19

Changes to payment summaries , income statements are here

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either: An income statement – if your employer reports […]

31 May, 19

Thinking of setting up a self-managed super fund (SMSF)?

If you set up a self-managed super fund (SMSF), you’re in charge – you make the investment decisions for the fund and you’re held responsible for complying with the super and tax laws. It’s a major financial decision and you need to have the time and skills to do it. There may be better options […]

31 May, 19

Why you should keep record for Capital Gain Tax

You must keep records of every transaction, event or circumstance that may be relevant to working out whether you’ve made a capital gain or loss from a capital gains tax (CGT) event. Generally you need to keep your records for at least five years after the year when the CGT event happened. Keeping adequate records […]

31 May, 19

Increased and extended Instant asset write – off

You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million for previous income years. Under these rules, if you purchased assets from 7.30pm (AEST) on […]

Update on reporting of Contractors-from ATO

In the most recent Federal Budget, Government announced these three additional industries to lodge taxable payments reports with the ATO. Now you have to lodge a Taxable payments annual report (TPAR) by 28th August 2020 & then each year, if you are in the following business- road freight services information technology (IT) services security, investigation or surveillance services These […]

18 Apr, 19

ABN’s proposed to be cancelled on late lodgements

An announcement in the 2019 federal budget looks to implement further obligations on Australian Business Number (ABN) holders. This is an expansion of black economy measures which have been implemented over the past few years. From 1 July 2021, the proposed measure introduces an income tax return obligation for all ABN holders. That is, all […]

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. […]

Changes to payment summaries , income statements are here

Thinking of setting up a self-managed super fund (SMSF)?

Why you should keep record for Capital Gain Tax

Increased and extended Instant asset write – off

Update on reporting of Contractors-from ATO

ABN’s proposed to be cancelled on late lodgements

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

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