If you provide cleaning or courier services and pay contractors you will need to lodge a Taxable Payments Annual Report with the ATO. Contractors can include: Subcontractors Consultants Independent contractors What do you need to do? If you’re involved in either industry, then you need to keep […]
Read more →The ATO is warning of a high volume of pre-recorded phone calls occurring in which the caller impersonates legitimate tax office phone numbers. Scammers have adopted “Robocall” technology to target taxpayers by sending pre-recorded messages in record numbers and manipulating caller identification so that your phone displays […]
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There have been recent changes to the active asset immediate write off threshold as follows: Tier 1 – $20,000 for depreciable assets acquired before 29 January 2019 Tier 2 – $25,000 for assets first used or installed between 29 January 2019 and 2 April 2019 Tier 3 […]
Read more →Over the next few months, the ATO will be focussing on its bulk Australian Business Number (ABN) cancellation program. This is being done to ensure the integrity of the Australian Business Register. The ATO will look for ABN holders who: Have stopped reporting business income or expenses […]
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Be aware of phony emails like the one below. The link leads to a page that skims your details when you enter them. Always check with the ATO on 13 28 61 or your tax agent before providing confidential banking and personal details
Read more →Most taxpayers know that both donations of $2.00 and greater, and donations of around $10 to “bucket drops” for emergency relief funds, are deductible. To be able to claim a tax deduction for a donation or gift, the recipient must be a “deductible gift recipient” (DGR). To […]
Read more →If you’ve been considering a switch of accounting software Xero are offering 50% off for six months on business plans. The offer is only open until the 31st of March so if you want to take this up please contact us this week.
Read more →Deductions A recent audit by the ATO of 300 tax returns, that included a rental property, found that 9 out of 10 reviewed had errors. Errors included: the incorrect amount of interest being claimed where it had been refinanced for private purposes the incorrect classification of capital […]
Read more →Scammers are now contacting people demanding immediate payment of a tax debt and doing the following: Spoofing (copying) ATO and tax agent’s phone numbers so the call appears to be legitimate Threatening arrest for non-payment Impersonating tax agents and ATO personnel If you receive any call, text […]
Read more →In March the ATO will be visiting over 500 Tasmanian small businesses that advertise as “cash only” as well as those that are operating outside of the ATO’s performance benchmarks for their industry. During the 2019/2020 financial year the ATO intends to visit a further 10,000 small […]
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