Senate passes $20000 instant asset write off the extension After a brief wait and long deliberation in regards to making the $20k write-off a permanent feature of the tax system for small business there is welcome news for small business operators and startups. There are around 3.3 million small businesses who have a turnover of…
Are you dealing in a cash economy business? Be-Aware! Receiving cash payments for businesses and individuals is legal and convenient. However, you still need to be aware of the inherent risks. Generally, cash sales and purchases are very common in a small business day to day operations. It is actually very convenient for a business…
Tax Return 2018 Wanting to lodge your 2018 tax return? We can be of assistance! Here are some quick facts about lodging: Tax returns cover the financial year from 1st July to 30th A tax return should be lodged by the 31st October deadline to avoid penalties. If you’re having difficulty or you want…
In the recent past,theATO has been actively reviewing claims of taxpayerswho own holiday homes with a view to cut down on rental deductions which taxpayers may not be eligible to claim. Using the data matching system, the ATO isable to detect unusual claim sandis writing to a large number of property owners advising them about claiming deductions only which they may be entitled to.
SMSF Non lodgement on ATO’s scanner: Be-Aware! The ATO has undertaken a drive to declare SMSFs not lodging their tax returns as non-compliant. A non-compliant SMSF means that it is not eligible for concessional tax rates and hence will be taxed at 45%. The lodgement of a Self Managed Super Fund (SMSF) annual return is…