Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
Getting deductions for clothing and laundry expenses right
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.
When the taxman sends a bill, not a refund
Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.
The ATO’s eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person.
The SME Recovery Loan Scheme is now open
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to businesses that are flood-affected.
Dealing with excess before-tax super contributions
Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap.
EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place.The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.
Some payments are not counted as income by the ATO
It is possible to receive certain payments that do not need to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
Refinancing loan interest may be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
Managing your superannuation transfer balance account
Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.
When it comes to real estate and CGT, look at timing
When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:
New Director Identification Number regime may be just around the corner.
The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar completely, as it has been on the horizon for some time.
Used goods for private use? Here's the latest values.
This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.
Unexpected lump sum payment in arrears? There’s a tax offset for that!
A lump sum payment in arrears is a payment you may receive that relates to earlier income years.
Vehicle benefit FBT treatment changes under COVID-19.
The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax.
Single touch payroll: When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons.