Happy New Year! It’s a brand new year and a fresh start.
If you have outstanding tax from 2018 or earlier, let’s get your tax and bookkeeping sorted now so you can start the year on the right foot.
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If you’re donating to charity this Christmas, if it’s an ATO approved organisation you may be able to claim a deduction!
The ATO advises as follows:
Organisations that are entitled to receive tax deductible gifts are called ‘deductible gift recipients’ (DGRs). You can only claim a tax deduction for gifts or donations to organisations that have a DGR.
Deductions […]
The Australian Taxation Office (ATO) has released a motor vehicle expense fact sheet for the use of small businesses, to answer common questions about:
types of motor vehicle expenses taxpayers can claim
methods taxpayers can use to calculate their claim
private use of a business car
whether a taxpayer’s vehicle is considered to be a […]
If you’re going to drive passengers for a fare, get familiar with your tax obligations before you start.
Did you know, “ride-sourcing is treated the same as taxi travel for GST purposes, so you’ll need to get an ABN and register for GST, regardless of how much you earn.” Source, Australian Taxation Office (ATO)
You can apply […]
The ATO has announced after public consultation the ATO has updated their guidelines on tax treatment of crypto-currencies. The ATO’s guide on the ATO website now states:
“The term crypto-currency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a […]
Tax time can be mind boggling for small business owners. Especially with new tax laws in 2018 and the increasing number of start ups in Queensland meaning many business owners are facing their very first tax time.
So we’re sharing these two fabulous easy to read posters from the ATO to help you at tax time. […]
The Australian Tax Office is targeting home office expense deductions – what does this mean for you?
The ATO is increasing its attention, scrutiny and education around deductions for home office expenses and may contact a taxpayer’s employer to verify the claimed expenses.
The ATO says a significant issue is a taxpayer claiming the entire amount of […]
Do you offer accommodation services through an online platform? Did you know the ATO is focusing on the “sharing economy” in 2018? The ATO has stated its intention to use its data matching powers to identify people who have or may be engaged in providing accommodation services through an online platform during the 2016-17 to 2019-20 financial […]