ATO Updates
Trading Stock Rules For Small Business
Simpler trading stock rules Are you operating or starting out a small business? And at the end of the income year, you estimate that your trading stock’s value has not changed by more than $5,000? If those apply to you (especially if you are new to the business) you can choose not to conduct a […]
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What Is The Housing Tax Integrity Bill? (And How Does It Affect Investment Property Owners?)
The Housing Tax Integrity Bill is now in effect … The “housing tax integrity” bill solidifies the government’s intention to deny all travel deductions relating to inspecting, maintaining, or collecting rent for a residential investment property. As well, second-hand plant and equipment that came with an investment property are now off the table as far […]
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Fringe Benefit Tax Red Flags (And How To Avoid Waving Them At The ATO)
The ATO’s big FBT concerns The end of FBT year (March 31, 2018) is nearing and that is why the ATO has made public the fringe benefits tax issues to help taxpayers get things right. ATO’s FBT concerns include these red flags The ATO says these behaviours and characteristics tend to raise red flags and […]
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Protecting Honest Business
ATO campaign to reveal poor business practices As part of its ongoing focus on the cash and hidden economy, the ATO created a campaign focusing on businesses that are dealing mainly with cash and or advertising “cash-only”. ATO named the campaign Protecting Honest Business, which refers to the unjust advantage these cash operators have over […]
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Will The ATO Consider Your Car Claim Reasonable?
ATO warning for work-related car claims The ATO’s Assistant Commissioner, Kath Anderson, has issued a warning for taxpayers who are making what they may believe are “standard” deductions in regard to vehicle expenses, especially when it comes to the cents per kilometre method. While it is true that written evidence for deductions based on up […]
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Are Your Association Subscriptions Tax Deductible?
Association subscription tax deductible eligibility can endure into retirement A lot of professionals, business or tradespeople are members of a trade or professional association, and during their working life subscribe to an appropriate organisation. In most cases, the membership of a trade union for example, or professional association relevant to workers in a particular occupation, […]
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