5 Tips To Review Your Superannuation Contributions
Taxpayers, it's time to review superannuation contributions With the end of the financial year fast approaching, it is time for you as a taxpayer to review your superannuation contribution strategy. This 5 point checklist provides a basic list of items for you to...
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ATO’s Trust Risk Rules (What You Need To Know)
The ATO has set rules to identify risk compliance issues The ATO says it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to...
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Tax Invoice Alternatives For GST Credit Claims
Alternatives to a tax invoice for certain GST credit claims Tax invoices are an essential element of Australia’s taxation system and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are...
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Responsibilities And Duties Of A Company Director
Company directors have many legal and financial obligations Being a director of a company brings added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial...
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ATO’s New Cryptocurrency Data Matching [For Tax Compliance]
ATO receives cryptocurrency data The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right...
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Staff Training Expenses And FBT
Are staff training expenses tax deductible? One of the recognised keys to business success is having knowledgeable, efficient and well-trained staff. But it is not always possible to have potential staff members walk in off the street and be a100% perfect fit. People...
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Donations As Tax Deductions (What You Need To Know)
Tax deduction for a donation As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so-called “bucket” donations). To be able...
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Federal Budget Summary For 2019-2020
Economic plans and a budget summary for 2019-2020 The government plans to further strengthen the economy, with a forecast surplus of $7.1 billion dollars, this being the first surplus in over a decade. Small business owners, middle and low income earners and...
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Residential Rental Property And Travel Expenses
Claiming travel expenses related to residential rental property - new rules! The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties. Late last calendar year, the...
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The Importance Of Property Valuations For Tax Purposes
Getting a property valuation is essential for tax purposes There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not at arm’s-length or when no actual cash changes hands. A common example of this is when...
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