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Taxation
Tax Tips for Employees Who are Always on Work-Related Trips
October 15th, 2015Travelling for business purposes is very common for employees nowadays. The good news is - travel expenses are deductibles. Make sure that you are doing the right thing on your next work-related travel by following these tips: Keep all your receipts, invoices, and proof of your expenses. A travel journal is handy especially for thoseread more
Avoid penalties! Learn the importance of Property Valuation in Your Tax Reports
September 29th, 2015Different methods are used in valuing properties but the principles remain the same. The most appropriate valuation method must be used in order to determine the value that the market is willing to pay for the asset. The meaning of market value, as used by valuers of real property in Australia, is the estimated amount orread more
Company Tax Rate for ‘Small Businesses’ Reduced to 28.5%, But is it All Good News?
September 25th, 2015Some great news brought in by the Federal Budget to all small businesses, is the decrease of the corporate tax rate from 30% to 28.5% (effective 1 July 2015). This will apply to all companies that have a turnover of less than $2,000,000. If your company is one of many businesses that you conduct, itread more
Changes in the Home Office Running Costs Deduction Rate
September 14th, 2015For employees who are conducting a portion of their work from a home office, the ATO has increased the rate of home office expenses related deductions. From the previous rate of 34 cents an hour, the fixed rate has been increased by more than 32 percent to 45 cents an hour. The employee can onlyread more
Australian Taxation Office (ATO) and your myGov Inbox
September 8th, 2015The ATO are changing the way they communicate and are now committed to using electronic channels as their preferred means for delivery of ATO correspondence. They have implemented more modern forms of communication methods, such as SMS, email and secure messages sent to clients via their myGov Inbox. The myGov portal is a simple way toread more
ATO Launches myDeductions Tool to Application
September 4th, 2015The ATO has recently launched a new feature to its application: the myDeductions tool. The tool aims to provide a more convenient, organised and easier way of recording and storing receipts for employees who are claiming work-related expenses. Work-related car, travel, uniform, self-education and home office expenses are some of the fees that can beread more
Government Grants For SMEs – Have you got one?
August 21st, 2015R&D Tax Incentive Is your company turning over under $20M, been undertaking Research and Development (R&D) expenditure in the financial year ended 30th June 2015 and trading at a loss? You can receive a cash refund, calculated at 43.5% of the R&D expenditure within 30 days of lodging the company’s income tax return. If youread more
PAYG Payment Summary Statement Reminder
August 12th, 2015The Pay As You Go (PAYG) payment summary statement along with the originals of all the payment summaries you issued for the financial year make up your PAYG withholding annual report. Use this form by inserting the relevant financial year (this form can also be used for prior financial years). Once the form is completed,read more
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