from TPB Board As tax-time begins, the Tax Practitioners Board (TPB) is warning the public about the risk of using unregistered tax agents. It follows cases of agents posing as legitimate registered tax practitioners who lodge tax returns on behalf of clients, often by accessing their myGov accounts and lodging through myTax. In a recent case, …
Dealing with unregistered tax agents can cost you Read More »
The government annonced changes to the Personal Income Tax Rates in the 2019 – 20 Federal Budget for hard working Australians to ease the cost of living and the same time as a reward system to encourage tax return lodgment. The legislation introduces changes to income tax thresholds and tax offsets. Take note that a non-refundable …
It’s a legal requirement to keep your business transaction records for a minimum of five years, so it’s important you have good record keeping practices. The records you must keep include all documents relating to your income and expenditure. A strong bookkeeping system can help you keep accurate records for a range of purposes. Use …
Always keep your records of your transactions that you want to claim in your tax Read More »
As per the promises of the federal budget in April, the Liberal Party is set to charge ahead with the biggest cuts to income tax since the reign of prime minister John Howard and treasurer Peter Costello.The main changes for Australian taxpayers are: From this tax time, those earning up to $126,000 per year would get $1,080 …
If you as a business owner or company providing services such as Building and Construction Cleaning Courier or Freight Information Technologies (IT) Security, Investigation or Serveilaince And if you are hiring contractors, sub contractors or consultants, you are required to submit Taxable Payment Annual Report. In short, it is referred to as TPAR. They can …
From 1 July 2018 the following car threshold amounts apply. Income tax There’s an upper limit on the cost you use to work out the depreciation for the business use of your car or station wagon (including four-wheel drives). You use the car limit that applies to the year you first use or lease the …
All small business owners are encouraged to apply three simple rules when claiming their business expenses Expenses have to be business related If the expenses are mixture of private and business use, you are allowed only expenses that are used for business purpose Lastly you must have records for the expenses claimed in your business …
Good news! The ATO has increase the instant asset write-off threshold to $30,000 and extended to 30 June 2020. If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion. …
Instant asset write-off threshold has been increased to $30,000 Read More »
