ATO reaffirms car expense claims focus
The ATO has restated its commitment towards clamping down on people who claim more than they are entitled to around work-related car expenses. Over 3.75 million people made a work-related car expense claim in 2016-17, totalling around $8.8 billion, the…
Can you claim a GST credit for that?
Good reminder from the ATO to look at the Tax Invoices you receive from your suppliers (& also the ones you issue!). The problem for us is if we receive an incorrect invoice from a supplier (they said they were…
small business super clearing house
Are you signed up to the new small business super clearing house? The small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment….
ATO spotlight on visa holders, sponsors and migration agents
ATO spotlight on visa holders, sponsors and migration agents The ATO has launched the latest round of their data-matching program to include all visa holders, visa sponsors and migration agents. It will request the records of approximately 20 million individuals…
Valuing trading stock for share traders
A share trader who holds share as trading stock at the end of an income year must elect to value each share (as an item of trading stock), at cost, market selling value or replacement value. From a planning perspective,…
What is a personal tax offset?
There are several personal tax offsets available to individual taxpayers. Tax offsets are subtracted from the tax calculated on taxable income. In contrast, a deduction is subtracted from assessable income in calculating the taxable income on which tax is payable. Example…