An employee declaration is written advice given to an employer by their employee containing information relating to the fringe benefits staff have received. A business needs to keep employee declarations to apply certain fringe benefit tax (FBT) concessions. They are…
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money…
Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee…
Operators in some Australian industries as well as select government entities are required by the ATO to lodge a taxable payments annual report (TPAR). The information provided in these reports provides the ATO with the information that allows it to…
The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances. But…
There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that an exemption…
Records for claiming work-related expenses When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you…
EOFY last-minute tax planning tactics for individuals This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the…
The ATO can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area…
It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out.…