Claiming mobile phone & internet If you are claiming mobile phone or internet for work purposes, you may need to work out the percentage that reasonably relates to your work use. Substantiating your claims You are required to keep records for a minimum 4-week period in each income year to claim a deduction of more […]
Tax Scam Have you ever been contacted by a tax scam scheme via phone, email or correspondence? More and more Australians are being targeted and falling victims to organised crime. Most taxpayers that receive any correspondence from The Australian Tax Office take notice and sadly many open email links or give out too much information […]
Key Dates October 2016 Another busy tax reporting month with some Key Dates October 2016 on the way. Make sure your calendar has all the key dates highlighted. Date Obligation 21 October Pay annual PAYG instalment notice (Form N). Lodgment is only required if you vary the instalment amount or use the rate method to calculate […]
Tax Cuts In the May Budget the government announced tax cuts changes to individual tax rates for the 2016-17 income year. Legislation dealing with those announced rates was introduced to Parliament on 31 August 2016. As a result a number of tax tables have been updated to apply from 1 October 2016. Those tax tables that have […]
Superannuation tax reforms – government back flips The government has announced changes to superannuation tax reforms they took to the election. The Australian Government in an attempt to keep backbenchers and party members inline, has tempered down superannuation changes and delivered mixed news for Australian taxpayers. The changes include the abandonment of the proposed $500,000 […]
Deceased estate: Things you need to know Dealing with a deceased estate is something most of us will have to deal with at some stage. There are different laws for each state so always seek legal or independent advice if acting as an Executor What the estate comprises The property and assets belonging to a […]
Ecommerce business Have you ever considered running an Ecommerce business? Consumers can now purchase almost anything online whenever they like. With the growing demand for online purchasing, more and more businesses are making the move online. It was only a decade ago that most retailers snubbed internet shopping as a short term faze and shoppers […]
Top 10 tips for family businesses If you are considering starting or running a family business, here are some top 10 tips for family businesses. Our office represents clients in a vast array of industries and many of them are family owned. Family businesses come in all different shapes and sizes and account for 70% […]
Key dates August 2016 Key dates August – It is the reporting season and there are a few key dates that any business owner or manager should be aware off. 11 Aug Activity statements Quarter 4 (April – June) activity statements lodged electronically – final date for lodgment and payment. Refer to Lodge your activity statements […]
Gifts and donations You can only claim a tax deduction for gifts and donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The […]