Click here for a pdf version of this article. Travel allowances and proper use of the exception to substantiate claims A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when…
ATO announces what’s new in pre-filling The ATO has published what pre-fill information is available for this Tax Time. It says the pre-filling service can cross-check information with data held by the ATO. This will help ensure the accuracy of…
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction…
Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia. The ATO recently issued a statement saying…
Tax time has arrived, and if you haven’t had us lodge your return yet, here is another deduction tip — should your circumstances allow. (If your return has already been lodged, then this could be a handy tip to file…
Motivationally speaking, there’s not much that beats a financial reward. And as it is generally accepted that business owners are the most driven to see their business succeed, giving staff a real stake in an enterprise through owning shares in…
Payment, or not? The operation of Division 7A Division 7A is part of the Income Tax Assessment Act 1936 and is intended to prevent profits or assets being provided to shareholders or their associates tax free. The operation of Division…
The ATO has stated that a trust’s capital gains and franked distributions can, if not prevented by the trust deed, be streamed to beneficiaries for tax purposes by making these beneficiaries “specifically entitled” (more below) to the amounts. This allows…
If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them. To “be…
Click here for a pdf version of this article. ATO waves a red flag on deductions for holiday rentals Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying…