Archive for 2018

Do you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform (e.g. Camptoo)?  If you do, then be aware: You must declare the income in your tax return You may need to pay GST on the amount you’re earning if […]

The ATO is increasing its efforts to identify taxpayers who leave income out of their return. The most common situations in which taxpayers deliberately or accidentally do not include income are: Second jobs; Capital gains on cryptocurrency; The Sharing Economy (e.g. Air BnB, Uber, etc); The Gig […]

As the trend in working from home increases, the ATO understands that there are extra costs involved that employees will want to claim.  Claims can be made for items such as depreciation on a computer, phone, internet, printing and stationery. If you wish to claim working from […]

Our financial services partners, The Mardent Group, recently provided some examples of the cost of waiting too long to fix your home loan interest rates. You can read more about their thoughts here, as well as their prediction for the coming years. Here are just some of the […]

Increase in the Cents Per Kilometre Method For Car Expenses From 1 July 2018 the rate is 68 cents per kilometre. Using this method you can claim a maximum of 5,000 business kilometres per car.  You don’t need written evidence but you need to be able to show how you worked out […]

Taxable Payments Annual Report Due Soon – Building & Construction Industry, Contract Cleaning & Courier Clients Businesses in the building and construction industry who have paid contractors for building and construction services in 2017/2018 need to lodge their Taxable Payments Annual Report by 28 August, 2018 with […]

Normally, most returns are processed by the ATO within two to four weeks but sometimes they can take longer.  These are some of the reasons why: The ATO identify omitted income The ATO need to cross-check data with other government agencies, including Centrelink and Child Support If […]

From 1 July 2017 onwards people under the age of 65 can claim a tax deduction for personal super contributions.  In addition, people aged 65 to 74 who meet the work test can also qualify. This measure is designed to assist an employee where their employer won’t […]

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). Remember that the entire cost of the asset must be less than the instant asset write-off threshold, irrespective of any trade-in amount. In […]