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,…
DetailsTax Minimisation Strategies 2016 Year End 2016 has arrived. Be sure to address any outstanding issues relative to your tax position for optimal benefit. Business clients who have not migrated to Xero, beautiful accounting software, now is the most ideal time to setup ready for trading 1 July. Individual clients who seek a budget solution…
DetailsTip No. 1 – Recognise your Strengths and Limitations Many already over-worked business owners spend their valuable time trying to solve business issues themselves, and managed the books. This is obviously useful if it is cost effective to do so. A business owner certainly needs to be an expert on the fundamentals of their business.…
DetailsThe ATO has announced that it will acquire data from businesses that it visits as part of its employer obligations compliance program during the 2016-17, 2017-18 and 2018-19 financial years. Data collected is as follows : ABN of the payer business ABN of the payee business (or contractor) the name, address and contact details of…
DetailsComing up to Federal Budget time, the expectation among many taxpayers, tax practitioners and their clients is that the tax landscape may be in for a lot of changes. While there is no sure way to be certain what tax reforms are on the way, it is not unusual for “announcements” (not officially made, but…
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