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Are you an employee who sometimes works from home? You may be able to claim deductions for some of the expenses you incur, provided you are not reimbursed by your employer. Running expenses, such as heating and lighting costs are only deductible if you exclusively use these services while working at home.
The ATO has warned taxpayers to be alert to scammers using a new tactic called “spoofing”. This involves scammers mimicking a legitimate ATO phone number and domain to call or send SMS messages and emails to taxpayers.
Ahead of the holiday season, the ATO has reminded employers about the potential FBT implications of providing Christmas parties and gifts...
For many small business owners, the end of each financial quarter signals added stress and a hefty tax bill. Fortunately, there are plenty of simple and legitimate ways you can cut down on your small business tax bill while meeting all your tax obligations...
The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors...
Being a director of a company comes with many responsibilities, this could soon increase with a government proposal to introduce a “director identification number” (DIN)...
With the next Federal election inevitably occurring sometime next year (possibly in May), it might be a wise time to examine the tax policies that Labor is likely to introduce if it wins the election...
The progressive lowering of company tax rates may have the effect of locking the benefit of any tax paid at a higher rate in the franking account. A company pays tax at a certain rate on the income year and franking debits accrue at that rate in that year...
Labor may implement tax policies of negative gearing restrictions, reduction of the CGT discount, and ending excess dividend imputation if it wins government next year...
If you own a private company, deemed dividend payments or Div 7A may be familiar to you. In short, it is designed to ensure that income is not inappropriately sheltered in corporate structures at the corporate tax rate...