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Rental Property Owners Encouraged to Understand Obligations
June 17th, 2016With just days away from Tax Time, the Australian Taxation Office (ATO) is encouraging owners of rental properties to learn more about their tax obligations to be able to lodge and claim their deductions correctly. Assistant Commissioner Gramham acknowledges that lodging taxes can be "tricky" for rental property owners. That's why it is important forread more
Legislation Provides Small Businesses CGT Rollover Relief
June 16th, 2016Since the release of a draft legislation late last year (November 2015), there have been talks about the amendment of this bill now allowing small business to change its legal structure without acquiring capital tax gains (CGT) liability. Now that the Tax Amendment has been passed, small businesses now have the flexibility to change asread more
Adjustment on Fuel Tax Credit Rates
June 14th, 2016The Australian Taxation Office (ATO) has advised tax payers there has been an adjustment to the fuel tax credit rates for heavy vehicles starting 1 July 2016. From the beginning of the new financial year, heavy vehicles that use petrol or diesel and travel on public roads will have an increased fuel tax credit rate of 13.6read more
Common Tax Deductions You Didn’t Know You Can Claim
June 13th, 2016As a smart taxpayer, it would be helpful to know some of the deductions you can claim against your tax. An Australian accounting firm surveyed their senior accountants to know what the most forgotten deductions are on individual returns and have come up with the list below: 1. Expenses on Managing Taxes If you usedread more
Amended Rules and Higher Thresholds for HELP
June 9th, 2016If you’re a beneficiary of the Higher Education Loan Program (HELP) you already know that once you start working and reach a certain income from your job, you are to repay the program through tax payments. As you earn more, your repayments will also be higher. Note that the value of your repayment will takeread more
Time Running Out to Get on Board SuperStream
June 6th, 2016A reminder to employers about SuperStream! Time is running out to make sure you are SuperStream ready. Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. (Larger employers should have been using SuperStream since 31 October 2015). What is SuperStream? Under SuperStream, you need to pay super contributions forread more
ATO Set to Audit Businesses in selected Industries on Superannuation Payments
June 3rd, 2016The Australian Taxation Office (ATO) is planning to do an audit on businesses starting July 2016 to ensure that they are properly complying with paying the right amount of superannuation for their employees. In relation to this, the ATO has identified four industries that “often need more help to meet their tax and super obligations”;read more
Tax Deductions: Repairs vs. Improvements on Rental Properties
June 1st, 2016The Australian Taxation Office (ATO) is focusing on the claims of property investment owners with regards to the “improvements” of their rental residences. Oftentimes, investors will have some work done on their newly purchased properties and would claim these as “initial repair” when discussing the tax implications of these property works. However, the Tax Officeread more
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