Cybercriminals are active during tax time and will try various ways to get their hands on your money or customer details. Stay alert at all times and remain one step ahead of cybercriminals. Here are some tips to keep your business safe online this tax time. Use multi-factor authentication where possible and don’t share your…Details
Overseas businesses are required to charge Australian GST on their sales of low value goods to consumers in Australia. The ATO said over 1,000 overseas businesses have registered for GST, including all known major suppliers and international platforms. The ATO considers the GST on low value goods measure a successful initiative as it has collected…Details
Contributed by Andrew Howe, Director and Rebecca Lawrence, Senior Associate, Greenwoods & Herbert Smith Freehills Director Penalty Notices (DPNs) for GST, similar to those already in place for PAYG and the superannuation guarantee charge (SGC), are set to come into play from 1 October 2019 following the recent introduction of Treasury Laws Amendment (Combating Illegal…Details
Here are three rules to remember when claiming car expenses for this year’s tax return, as the tax office warns work related car expenses will be under scrutiny. Read more ATO is making work-related car expenses in 2019 a key focus again this year. It had warned last year that work-related car expenses would face…Details
The AAT has held that a taxpayer’s share trading activities were not a “business” because they were unsophisticated and not carried out in a business-like manner. Consequently, the taxpayer was not entitled to claim or carry forward existing losses he had initially claimed in the 2015 to 2017 income years. If you’d like to know…Details
The ATO has clarified that any benefit arising from employee travel by taxi, and not a ride-sourcing service, is exempt from fringe benefits tax (FBT) if the travel is a single trip beginning or ending at the employee’s place of work. In particular, the exemption is limited to travel in a vehicle licensed by the…Details
Single Touch Payroll (STP) commenced July 1, 2019. If you are still using a manual system to pay your staff, you will need to change now. Recent legislative changes now remove the need for you to undertake a headcount to determine whether you have 20 or more staff at any time. If you haven’t started…Details
The repayment thresholds and rates of the Higher Education Loan Program (HELP) 2019/2020 Financial Year have been released.
From 1 July 2019, new tenderers and first-tier subcontractors looking to secure government contracts over $4 million will be required to provide a satisfactory ATO Statement of Tax Record (STR) showing acceptable engagement with the tax system.
There are common misconceptions about what you can claim when it comes to claiming work related expenses. Follow the three golden rules for claiming work related expenses.
The ATO has ramped up data matching relating to cryptocurrency transactions to ensure that taxpayers are meeting their taxation and superannuation responsibilities with cryptocurrency operations and ownership.
The instant asset write-off threshold has increased and the eligibility extended. From 2nd April, up to 30th June 2020, small businesses have the ability to immediately write-off assets purchased for less than $30,000. Medium sized businesses with turnover between $10 and $50 million now also have access to the scheme.