The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that…
Businesses are required to deal with the goods and services tax (GST) in various ways — from charging customers 10% and paying the Tax Office the tax collected, to claiming GST on purchases. While most businesses would typically be entitled…
Deduction for association subscription eligibility can endure into retirement Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation. In most cases the membership of a trade union for…
The Tax Office this tax time revealed it has undertaken the task of matching income declared on business tax returns against credit and debit card records that have been generated by certain banks and financial institutions throughout the 2014-15 financial…
Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay. The Tax…
Taxing the “sharing economy” Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some…
How we should fix the 3 biggest barriers to small business success It’s safe to say Australia has a penchant for small business. Around 90% of Australian businesses are small to medium-sized entities (SMEs). Taxes on small business are lower…
Once we have lodged your 2014-15 tax return and we have forwarded your notice of assessment to you saying that everything is as discussed,you may realize that something has been left out of your tax return or accidentally included an…
The Tax Office has recently warned about the practice known as “dividend stripping”, and has drawn attention to a previously issued taxpayer alert also warning against these arrangements. Of particular concern is dividend stripping involving the transfer of private company…
It’s something of a little white lie, isn’t it — the one told to aspiring small business owners and entrepreneurs is that hard work guarantees success. Hard work is vital, but it’s not the only quotient. And while you may…