Tax Archives - Page 8 of 9 - The Garis Group

Rental properties – claiming travel expenses deductions

July 26, 2018

ATO, Claiming, deductions, Expenses, Investment Property, property, rental property, Tax

From 1 July 2017, travel expenses relating to a residential investment property are not deductible. A residential premise (property) is land or a building that is: occupied as a residence or for residential accommodation intended to be occupied, and is capable of being occupied, as a residence or for residential accommodation. Under the new legislation, you…

Three Common Tax Mistakes Aussies Make

July 19, 2018

Emma Zajac

Income Tax, Superannuation, Tax, Tax payers, Tax Time

Tax time is a stressful period for many Australians. Even seemingly simple tax returns can escalate into a madcap scramble through personal records to make sure everything is in order. Is this really any surprise, given that the complete Income Tax Assessment Act 1997 comes in at over 5000 pages? But even without all the…

‘Biggest Ever’ ATO Deductions Campaign

June 28, 2018

Emma Zajac

ATO, deductions, Tax

The ATO has kicked off its taxpayer-focused tax time education campaign, with a series of tailored emails to tax agents and self-preparing taxpayers as it seeks to clamp down on work-related deductions. The tax office has sought to raise awareness of the myDeductions tool in the ATO app to “save hours of work at tax…

Tip Tuesday: Demystifying End Of Financial Year

June 26, 2018

Emma Zajac

EOFY, Small Business, Tax, Tax Time

End Of Financial Year for small business can be a stressful time, but it doesn’t have to be. Here’s what you need to get through it, and some tips on how to minimise the drama. What is the Australian financial year? The Australian financial year (also the Australian tax year) runs from 1 July to…

Tax Warning for Holiday Home Owners

June 20, 2018

Emma Zajac

ATO, property investment, rental property, Tax, tax office, Tax Time, taxpayers

This year, the Tax Office issued a warning it was targeting “the large number of mistakes, errors and false” claims made by rental property owners who use this property for their own personal holidays. If you own a rental property and it’s being rented consistently by the one tenant, this warning doesn’t apply to you.…

Countdown to Tax Time

June 14, 2018

Emma Zajac

Refund, Small Business, Tax, Tax Planning, Tax Time

If your tax planning usually consists of joining a queue to buy stationery shortly before midnight on June 30, it might be time to think ahead. Some deductions require more forward planning, particularly as the financial year-end falls on a Saturday in 2018. Bates Cosgrave director Matt Zhou says: “Tax planning should start as early…

Are you using a Tax Agent or an Accountant?

June 7, 2018

Emma Zajac

accountant, advice, Small Business, Tax, tax agent

One of the critical areas that small-business owners need advice on is income tax. This advice is needed when the business first starts as to what type of entity to operate the business through, continues each year so that the owner maximises their income tax benefits, and when the business is sold so they can…

Boost your Tax Refund this Financial Year

May 31, 2018

Emma Zajac

Accounting, ATO, Tax, Tax Refund

June 30 is rapidly approaching, which means there are things you should do in the near future to improve your financial situation. Smart tax planning means deferring income while bringing forward expenses. For example, if you have money to spare, think about placing it in a term deposit with the interest maturing after June 30.…

Latest update from the ATO – Single Touch Payroll (STP), Are you Ready?

May 24, 2018

Emma Zajac

ATO, Small Business, Tax, Taxation Accounting

John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and all larger employers,…

Tax Deduction Claims for Technology to Rise, but Beware the ATO is Watching.

April 17, 2018

Emma Zajac

ATO, Tax, technology

TECHNOLOGY and tax deductions are combining to deliver Australians a financial boost, but those who bend the rules are increasingly likely to get caught. A surge in people working from home and using devices such as mobile phones and iPads for work-related tasks has opened the door to a new wave of tax deductions.…

Rental properties – claiming travel expenses deductions

Three Common Tax Mistakes Aussies Make

‘Biggest Ever’ ATO Deductions Campaign

Tip Tuesday: Demystifying End Of Financial Year

Tax Warning for Holiday Home Owners

Countdown to Tax Time

Are you using a Tax Agent or an Accountant?

Boost your Tax Refund this Financial Year

Latest update from the ATO – Single Touch Payroll (STP), Are you Ready?

Tax Deduction Claims for Technology to Rise, but Beware the ATO is Watching.

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