Small business tax tips
Tax time tips for small business The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during […]
Car claim case studies
ATO scrutinising car claims this tax time Case studies False logbook A traffic supervisor claimed over $11,000 for work-related car expenses, and provided a logbook to substantiate his claim. However, upon investigation the ATO discovered that the logbook wasn’t printed until the following year – the taxpayer admitted the logbook was fraudulent and it was […]
EOFY car claims
ATO scrutinising car claims this tax time The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not entitled to, like private […]
Retirement planning case study
Projected benefits of putting extra savings into super Age 40 Starting balance $100,000 Income of $100,000 per year As shown in the above case study, putting an extra 6 per cent of your pre-tax income into your super each year could leave you significantly better […]
Personal super contributions
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Omnis Group can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your […]
Car claims this tax time
ATO driven to scrutinise car claims this tax time The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said over 3.75 million people made a work-related car expense claim in […]
Holiday home rentals
Continued ATO focus on holiday home rentals The ATO recently advised they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use of holiday homes by friends and family is entirely […]
2018/19 Federal Budget
2018 Federal Budget Update Quick links Changes affecting business taxpayers Superannuation related changes Changes affecting companies Other changes Personal income tax changes Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the […]
Administrative Appeals Tribunal case study
Taxpayer can’t explain where money from to pay expenses The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer’s various accounts when compared with the modest income she had included in her tax returns. For example, in the 2015 […]
ATO focus on holiday home rentals
ATO sets sights on mistakes, errors and false claims made by rental property owners who use their own property for personal holidays As Australians enjoy the Easter break, they should be aware that the ATO is focusing on taxpayers who claim deductions for holiday homes that are not actually available for rent or only available […]
