I wanted my $1,080 tax refund
Have you already lodged your 2019 individual tax return? You were encourage to do it by the new government so you could get the $1,080 refund. Well if you were eligible for the Low Medium Income Tax Offset (LMITO). Be careful as you may have jumped the gun. Remember the […]Read More
ATO collecting more and more and more data
Any digital footprint that you leave or whenever you submit your TFN to any organisation, the ATO can find and use this information. Facebook, LinkedIn, Instagram, Bank Accounts, Stockbroking accounts – here and overseas….. data is available. For individual tax returns for 30 June 2019 and beyond, the ATO are […]Read More
All in! #STP Payroll reporting 1 July 2019
Whether you are an employer or employee, the new reporting regime for payroll called Single Touch Payroll (STP) will impact you from 1 July 2019. All employers must now be in STP regardless of the number of employees – full time, part time or casual. STP means that payroll information […]Read More
When is cash not legal tender?
Do you have $100 note in your wallet? There are around 350 million $100 notes (affectionally called “Kermits”) in circulation, so each of us should have 14! If you answered no, then where is your share. If you answered yes, “Have you been to the Casino?” or am I suspecting […]Read More
Can I claim a deduction for gifts and donations if I don’t have a receipt?
We are getting towards the business end of the financial year, so it is time to start thinking about maximising those deductions. For gifts and donation tax deductions, you must make them to “deductible gift recipients” organisations (you can check here). You also cannot receive anything in return – like […]Read More
Buying a car? Company or private? Watch out for FBT!
I’m going to purchase a car in my company name to get back the GST. Sounds like a good idea, but beware of the FBT consequences. You know there will be some private use on that car, so it is good to consider this up front, before the FBT bill […]Read More
Lost your car or car park? FBT season is fast approaching
Now is the time to start thinking about any exposure you may have to Fringe Benefits Tax. You may think that all the great non-salary benefits you provide your most valued assets are either under that magical $300 or “otherwise deductible”? Well done. However, there are always few tricks and […]Read More
Time to reflect on what success looks like for you in 2017
With schools still out and many businesses taking a well-earned break, take time to plan for 2017. Why don’t you try with a 100 day plan of what you want to achieve in 2017? If it is good enough for the incoming US Presidents then why not your business.Read More