The tax office has announced that its investigators will be hitting the streets, visiting businesses directly as part of its ongoing crackdown on the “black economy”. In a statement, the ATO said that it will drop in as many as 500 small businesses across Tasmania, with areas in and around Launceston and Smithton a key…
Thoughts for the Year Ahead – Tax & Wealth in 2019
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds to their Self-Managed Super Funds and to themselves Paying higher capital gains tax Losing tax benefits from negative gearing into investment property Businesses could…
Blog: Instant Asset Write-Off to Increase Small Business Growth & Investment
The Government’s announcement to increase and extend the instant asset write-off is expected to stimulate small business growth and investment. According to business accounting software company, MYOB, 28 per cent of small businesses find cashflow a real pressure. “Anything that helps small business invest in the future of their business is something that should be…
Tip Tuesday: What is depreciation and why should I care?
Depreciation affects your bottom line, your tax bill, and the value of your business. Those are three good reasons to learn what depreciation is and how it works. Here are the basics. What is depreciation? Depreciation is what happens when a business asset loses value over time. A work computer, for example, gradually depreciates from…
The Tax Office’s data matching tools growing more sophisticated
It doesn’t matter whether it’s a business, interest, dividends, rent earned on an overseas property, Airbnb, Deliveroo delivering or other types of income you’ve earned, the chances are you need to declare this in your tax return or you could be snared with the ATO’s Data Matching Tools. The temptation of course is to skip…
Max Brenner closes 20 out of 37 stores after announcing its financial collapse
Only days after the closure of the iconic Darby’s Pies, just days ago, Max Brenner said it would be “business as usual” after it was plunged into financial turmoil. On Monday 8th October, it was made clear that’s not the case. When luxury chocolatier Max Brenner announced its financial collapse just days ago, the chain…
Tax Office Hunts for Undeclared Income
Assistant Commissioner, Kath Anderson, says the ATO is looking for income from second jobs and capital gains on cryptocurrency. Australians leaving cash payments and foreign income off their annual tax return face being caught through new data-matching technology deployed by the Tax Office. Part of efforts to recover an annual shortfall of up to $1.4…
5 Smart things to do with your Tax Refund
If you’re looking at a tax refund this year, then you’ve probably already thought of dozens of ways to spend it. From holidays to a new car, it’s easy to get caught up in a buying frenzy when confronted with a large sum of money received in a nice single payment. Before you burn through it…
Outdated Residency Rules Need to Change to Give Taxpayers Certainty
One of the most dramatic changes to tax laws in almost 80 years could be coming, and it’s not just jet-setting executives that could be impacted by it. It’s you and I. If we travel for work, or spend extended time overseas and don’t pay tax here when we are gone, we could be…
Tip Tuesday: How to Manage Sales and Use Tax
As a small business owner, your list of tasks can feel endless. And one job that often falls to the bottom of the list is tax. A tax automation software company speaks about how small businesses can manage sales and use tax. Understand your tax obligations If you’re selling taxable goods or services in…
