With a range of motor vehicle expenses tax deductible in Australia, your car could just end up saving you a bundle come June 30, particularly if you regularly drive your personal vehicle as part of your work. When is a Motor Vehicle Expense Allowable as a Tax Deduction? Eligible work related travel includes: • Travel…
DetailsIt may seem fairly obvious whether a person is in business or not, but the distinction can be important for other reasons. For example, if you are not carrying on a business, the option to deduct losses from other income is lost. So it’s important to establish, from a tax obligation point of view, that…
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The ATO has a database of “small business benchmarks” against which it compares lodged information. But business owners can also benefit by using the small business benchmarks to compare their own performance. It says the small business benchmarks: are calculated from income tax returns and activity statements from more than 1.3 million small businesses and…
DetailsThe ATO is reminding taxpayers that tax time is prime time for scams, and to be on the lookout for tax-related scams during Tax Time 2016. It points out that fraudulent activity surrounding tax is on the increase, noting that in 2015 almost 87,000 phone and email scams were reported to the ATO, which it…
DetailsThe ATO encourages people to check which work and rental property-related expenses they are entitled to claim this tax time, and to understand what records they need to keep. Assistant Commissioner Graham Whyte has reminded taxpayers that there has been a change in the rules for calculating car expenses this year, and people need to…
DetailsAs announced in the 2016–2017 Federal Budget, the Government has proposed a lifetime non-concessional superannuation contributions cap of $500,000 to apply from Budget night (3 May 2016). This means that people who are planning to make non-concessional contributions now need to check their historical non-concessional contributions data back to 1 July 2007 (which will be…
DetailsA new foreign resident capital gains withholding tax regime has been introduced. The new rules will apply where real property contracts are entered into on or after 1 July 2016, but will only apply to sales of residential property where it has a market value of $2 million or more. Where the new rules apply,…
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