ATO Updates
ATO’s GST Refund Discretion Under Review
Inspector-General to review the ATO’s GST refund discretion As part of its 2017 work program, the office of the Inspector-General of Taxation (IGT) has announced that it is going to examine the ATO’s administration of an existing provision that allows it to hold on to GST refunds if it believes additional verification is required. The […]
Read More
Recent Changes To Pensioner Assets Test
How do the pensioner assets test changes affect me? Starting January 1 2017, the assets test free area and taper rate for pensions increased. The assets test works by reducing your Age Pension payment for every dollar of assets owned over a certain value. The test takes into account most assets, including any property (except […]
Read More
How To Get An Australian Business Number (ABN)
Do I need an ABN? Although it isn’t mandatory to have an ABN, there are a few good reasons why you should. The first is that without ABN, your business will sound and look cheap. Other businesses that deal with you are legally bound to withhold tax. If they make any payments to you and […]
Read More
New Guideline For Car Fringe Benefits | Safe Harbour Approach
What is “safe harbour”? ATO developed the “safe harbour” mechanism for calculating car fringe benefits under the operating cost method after consultation and collaboration with business taxpayers and industry representatives. A “safe harbour” is a guideline that allows taxpayers to make use of a simplified and efficient way to calculate their tax obligations where certain […]
Read More
7 Tips For Spotting Scams
Warning from the ATO about scams The ATO has warned of ongoing scam emails, SMS messages or telephone calls in which criminals try to steal money or information from taxpayers. These scam communications can be very convincing and many people become scam victims every year. To avoid becoming a victim, it is important that you know some of the common […]
Read More
ATO’s Guidance For Phone And Internet Expenses Claims
The ATO has issued guidelines on making claims for mobile phones, home phones and internet expenses If you are using your mobile or home phones and internet for work purposes, then you may be able to claim a deduction if you have records to support your claims. But the ATO points out that use for both […]
Read More