ATO Updates

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GST Credits for Business Expenses (When and How to Apportion)

By Wen Wen / September 11, 2018

GST credits for your business expenses The general case regarding GST credits is that as a business owner you can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However, it is not unusual for business owners to occasionally make purchases […]

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The Pension Loans Scheme | Alternative To Reverse Mortgage?

By Wen Wen / August 28, 2018

Pension loans scheme – is it an alternative to a Reverse Mortgage? To help pensioners who are asset rich but income poor, the government launched its own version of a financial product that has been commercially available for some time, the reverse mortgage https://www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/income-from-super The government’s answer is its pension loans scheme (PLS), whereby a […]

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Are You Eligible To Claim Self-Education Expenses?

By Wen Wen / August 21, 2018

Claiming self-education expenses Continuing professional education The value of a good education is widely accepted, and over the course of your working life, you may commonly find that further learning is required along the path of your chosen career. Changing technology and evolving workplaces mean that at some stage in every taxpayer’s life, an educational […]

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Your Business Loss Claim Can Be Denied By ATO

By Wen Wen / August 6, 2018

Are you claiming a business loss at tax time? Why your business tax loss may be denied … Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays not to stray too far from the generally accepted rules regarding tax losses — there are […]

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Strategise In Advance | Tax Time 2019

By Wen Wen / July 16, 2018

Tips to better prepare for Tax Time 2019 Keeping receipts for all expenses and possible tax deductions is a smart step you can take to help you with your tax return. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes. […]

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Duties And Taxes When Buying Online Overseas

By Wen Wen / June 25, 2018

Duties and taxes apply to online overseas shopping Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also, the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs […]

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