Backpacker tax overturned
The ATO notes that the decision only applies to working holidaymakers from seven countries — Britain, Chile, Finland, Germany, Japan, Norway and Turkey.
The recent decision in Read more
ATO closing tax gaps
Assistant Commissioner Karen Foat is assuring taxpayers who are doing the right thing, and only claiming what they’re entitled […]
Personal Income Tax Plan changes now law
These changes are now law.
The low and middle-income tax offset increases from a maximum amount of $530 to $1,080 per annum and […]
The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets
Myths (and the facts) about work expense deductions
Mainstream media only recently was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets and […]
The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a business pays by up to $1,000 each year.
To be eligible, a taxpayer must be carrying on a small business as […]
Failure by director to make repayment of private company loan gave rise to dividend
The AAT […]
Lost your tax file number?
If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back.
Your first avenue of enquiry, if you use the services of a tax agent or accountant, will be to ask them for your tax […]
Do you have a legal expense?
When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another […]
ATO targeting false laundry claims
The ATO noted that six million taxpayers claimed clothing and work-related laundry expenses in 2018. Although many Australians can claim clothing and laundry expenses, Assistant Commissioner Karen Foat said that it is unlikely […]