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Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years.
The ATO is urging accountants to inform clients that it is ramping up its data collection from financial institutions and online selling sites for use in its data-matching programs.
Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.
All is not lost if you have a judgement against a debtor, but you know they have no assets.
The Turnbull government has launched an invitation for public comment to the Black Economy Taskforce ahead of an interim report in March, in an effort to stamp out tax evasion and loopholes.
Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.
Obligations and responsibilities of an executor are significant. Their decisions can be monumental.
The ATO has warned businesses in the cash economy are a major focus area for the regulator as it ramps up its scrutiny of third party data, in an effort to ensure a fair marketplace for businesses doing the right thing.
We all know that the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But ….
You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business.
The government has announced it will make moves to ensure that multinationals pay the appropriate amount of tax on their activities in Australia.
Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to take employees to and from the place of entertainment.
The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.
The ATO is poised to home in on fringe benefits tax (FBT) on celebrations and gifts this festive season, according to one mid-tier firm.
To all our clients and friends, we wish you a Merry Christmas, a Happy New Year, a restful break and a prosperous 2017
New research from Macquarie, surveying hundreds of small to mid-tier accounting firms, has identified the points of difference of firms effectively driving growth and profitability.
Late client payments are having an increasingly significant impact on the personal finances of SME owners and often affecting their ability to cover basic business expenses, new research from MYOB has found.
SMSF practitioners are being urged to consider fresh estate planning issues that have surfaced since the proposed introduction of the $1.6 million pension cap.
The ATO has announced that, after consultation and collaboration with business taxpayers and industry representatives, it has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method.
A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel.
Many small business owners rush to apply short-term fixes rather than diagnosing the real problem.
SMSF practitioners are being told to review their clients’ TRIS strategies and start discussing any work test issues now, as there will only be a short time frame left, once the legislation is passed, to implement changes.
Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses.
All employment relationships are subject to an agreement, whether they are written, verbal or a combination.
It's important to be across the new “non-final withholding tax regime” came into effect on 1 July 2016, potentially impacting anyone buying or selling property.
Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.
As a generalisation and without wanting to venture into legal areas, a domestic partnership is ….
Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME owners at risk of falling foul of the ATO, accounting software provider MYOB has warned.
Almost every Australian will be aware of the problems trying to complete the online Census on the 9th August 2016.
Failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit.
A warning from the ACNC about not doing the paper work.
One national accountancy network has reminded professionals the ATO is obtaining more than 100,000 insurance policies in an effort to identify non-compliance with reporting obligations, saying there is “very little chance” offenders won’t be caught.
With over eight million Australians claiming work-related expenses each year, …..
Don’t be alarmed and don’t respond – just hang up!
It seems that banks are being drawn in into financial disputes with couples. And they are responding somewhat predictability.
There has been a lot of media coverage regarding the superannuation law changes proposed in the recent federal Budget.
In our role as a domain hosting company we see much of the dark side of the Internet including hacking, viruses and server attacks. Of these, Ransomware is one of the worst and most insidious.
The federal government has announced it does not agree with the Financial System Inquiry’s (FS) recommendation ….
One national accounting network has tipped that SMSF property investment will be a big-ticket item on the compliance agenda in 2016.
Prime Minister Malcolm Turnbull has attempted to dispel talks that the government is looking to freeze the superannuation guarantee (SG) rate …..
As pressure grows for the Federal Government to scrap the superannuation tax concessions, ….
Many will be surprised (possibly unpleasantly) by the formula prescribed in various states legislation, if a person dies without a valid will.
The ATO is prepared to take a hard line on travel expense claims in relation to travel allowances paid to employee truck drivers. Even though there is an exception to substantiation provisions for these sorts of expenses, the ATO looks like it may still expect truck drivers to be able to back up how many nights they were away, what …
The ATO has announced a new “Share transactions data matching program” that will acquire details of transaction from share registries from 20 September 1985 to 30 June 2016 from the following:- Link Market Services Limited Computershare Limited Australian Securities Exchange Limited Boardroom Pty Ltd Advanced Share Registry Services Pty Ltd Security Transfer Registrars Pty Ltd The …
Data matching program – Motor Vehicles The ATO has announced a new “Motor vehicle data matching program” to collect details of individuals or businesses that have purchased or acquired a vehicle costing $10,000 or more from the following:- Australian Capital Territory – Australian Capital Territory Road Transport Authority New South Wales – Roads and Maritime Services New South Wales Queensland …
Lost Super Climbs to $14 Billion New statistics released by the ATO reveal that more than $14 billion in lost super is waiting to be claimed. Assistant Commissioner John Shepherd says that a particular concern are the billions of dollars sitting in the super accounts where funds have lost contact with the owner. “There’s over $6 billion of super sitting …
The ATO continues to pay close attention to work-related expenses and is using extensive data analysis to identify areas requiring attention across all work-related expense claims regardless of occupation. However, it is indicated that specific attention will be paid to:- Overnight Travel There is no deduction for an amount received as a reasonable travel allowance (if it is not required …
Data Matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against more than 600 million transactions provided to it by third parties identifying omitted income and gains, incorrectly-claimed offsets or entitlements and exemption from surcharges to name a few. It contacted around 400,000 taxpayers who had apparent discrepancies …