As part of the COVID-19 Business Stimulus Package, the Federal Government increased the Instant Asset Write-off from $1000 per item to $150,000 per item. They also expanded the criteria to claim this deduction to include businesses with an aggregated turnover of up to $500 million. With the economy still struggling, the new increases have now […]
COVID-19, the bushfires and other natural disasters that occurred across Australia during the 2019-20 financial year, have the ATO reviewing their approach to work-related expenses. In particular, they are expecting to see a decrease in work-related expenses such as: Car use Travel and Clothing expenses To claim these items at similar levels to last financial […]
Before we all go on holidays, let’s talk about the “naughty” expenses the ATO finds on submitted tax returns. Expenses placed on the ATO’s “Naughty” list When you prepare your own tax return, you run the risk of claiming inappropriate deductions. This slows receipt of any refunds you may be entitled to and places you […]
“Failing to plan is the same as planning to fail.” In life and in business, if we don’t set goals or review our finances, we will never achieve our dreams. Trouble is, it can be difficult to set aside time to think about what we want or track where our money goes. But if you […]
Around 84% of all Australian taxpayers lodge their return on time and this year, the tax cuts have seen many people rushing to submit their returns to enjoy their refund early. Sadly, around 16% of Australian taxpayers won’t receive a refund. But for the rest, it’s time to start thinking about how we want to […]
For investment properties If you own a residential investment property, you can’t claim travel expenses as a tax deduction unless you are in the business of letting rental properties. To be considered “in the business of letting rental properties”, you need to be a: Corporate tax entity (e.g. a company) Public unit trust Managed investment […]
We look at the 2 different schools of thought on retirement savings It’s reported Albert Einstein called compound interest “the eighth wonder of the world”. When it comes to your retirement, compound interest is the secret sauce that takes regular weekly savings and turns them into extraordinary sums of money. But what’s better – saving […]
Everyone wants a tax refund so what you do in the next couple of weeks will affect the tax you will pay and any possibility of receiving a tax refund. Here’s what you need to do to get tax time ready: Collate all your income records. This includes the amount of money you received from […]
STP or Single Touch Payroll has gradually been rolled out over the past few years. From 1 July, all businesses with a payroll will need to be using STP software. If your business has not yet adopted STP, you will need to provide all employees with a Payment Summary by 14 July. But this will […]