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Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out.
If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports.
Looking for opportunities to improve cashflow? If you import goods as part of your business, you don’t have to pay goods and services tax (GST) upfront if you’re registered for the ATO’s deferred GST scheme.
Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that applies retrospectively from 1 July 2015 means that now companies only need to carry on a “similar” business.
You may have heard about the “instant asset write-off”, but do you understand exactly how it can benefit your business? Read our case study for insight into how the write-off works, and what you need to do by 30 June 2020 to take advantage of this limited-time incentive.
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...