Claims for home office expenses
Claims for home office expenses increased The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e. from the 2019 income year). According to the ATO’s recently updated PS LA 2001/6, individual taxpayers […]
Instant asset write off
Legislation proposed to increase instant asset write-off threshold Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or installed ready-for-use. This applies irrespective of whether the asset is purchased new or second-hand. The current threshold is $20,000. It has changed over the last […]
Christmas Parties & Gifts 2018
Year-end (and other) staff parties With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT […]
Superannuation guarantee
Employer super quick check Paying super is an important part of being an employer. Super provides income for your workers in retirement. Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted: Check you’re paying super to all eligible workers. Some contractors may be entitled to super. […]
Home office expense claims
Increased scrutiny of home office claims Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny […]
Black economy recommendations
Black economy recommendations will impact day-to-day business Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removing tax deductions for PAYG failure The Government is currently considering […]
Mythbusting super
5 super myths explained Although most of us have money in super, there are still some myths and misconceptions surrounding it. Myth 1: Super is a form of tax It’s understandable that some people think super is a form of tax. After all, you’re likely to see super payments on your payslip near the amount […]
Tax myths busted!
Tax season is underway To help Australians get their returns right, the ATO has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. Top of the list is the myth that everyone is entitled to claim a “standard deduction” […]
Tax Time mistakes
ATO guide to the 5 most common Tax Time mistakes As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: Leaving out some of their income (e.g. forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing […]
Clothing claims
ATO putting clothing claims through the wringer A focus on work-related clothing and laundry expenses this Tax Time will see the ATO “more closely examine taxpayers whose clothing claims don’t suit them”. According to Assistant Commissioner Kath Anderson, around 6 million people claimed work-related clothing and laundry expenses last year, with total claims adding up […]
