If you use digital currencies (e.g. Bitcoin) in your business, then you would have had to pay GST twice: Once on the purchase of the digital currency; and Again when using the digital currency to purchase any items already subject to GST. From 1 July 2017 onwards […]
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Planning your work Christmas party, all those decisions to make, who has been naughty or nice! Not to be a Grinch but there is a bit more to think about then how much to spend on your Secret Santa gift! Things to Consider: You’ll need to consider […]
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From 1 July 2018 onwards employers with more than 20 employees must use Single Touch Payroll Reporting. What is Single Touch Payroll? You will need to ensure the payroll system you are using is updated for Single Touch Payroll. Newer software packages such as cloud based MYOB, […]
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The most common scams reported to the ATO are phone calls where the scammer demands payment for a fake tax debt and emails requesting personal information or a fee to release a refund. These scammers use sophisticated techniques to get your money or data and use a […]
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Non-Compulsory and Compulsory Work Uniforms and Their Tax Deductibility You can’t claim expenses incurred for non-compulsory work uniforms unless your employer has registered the design with AusIndustry. Compulsory uniforms which are strictly enforced and must be worn at all times are not required to be registered and […]
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From 1 July 2017 onwards your HELP/TSL repayment will be based on your worldwide income. You will also be required to submit an “overseas travel notification” if you meet certain criteria. What these changes mean for you if you will be travelling overseas, or already reside overseas […]
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The ATO are collecting information from Uber on all people driving for them. So, if you have been driving for Uber or intend to take up driving for them you need to do the following: Set up an ABN if you haven’t already done so Register for […]
Read more →Claiming Work Related Expenses? What You Need to Know The ATO are paying attention to people who are over-claiming work-related expenses. If you can satisfy these three rules then the expense is claimable: You must have spent the money and were not reimbursed It must be directly […]
Read more →If your business has a turnover of less than $10 million it can write off assets costing less than $20,000 each (exclusive of GST). The entire cost of the asset must be less than the instant asset write-off threshold, irrespective of any trade-in amount. In working out […]
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Budgeting Made Easy The New Financial Year is here and you may be thinking about getting your finances into shape! The path to financial security is not only about earning more but making the most of your income via a budget. Here are some basic points on […]
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