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Tax Tip: Rental properties

Whether you rent out part of your home or an entire property, make sure that all of your income is included in your tax return.

Rental-related income includes:
■■ rent payments
■■ booking fees you receive
■■ rental bond money you’re entitled to retain
■■ some insurance payouts

Find out more at ato.gov.au/rentalincome

July 22nd, 2019|Tax|

Income tax returns for influencers & bloggers

With the rise of social media in the last decade, comes a new type of career: blogging. Bloggers, or influencer’s as they are commonly known, are people who use social media platforms to promote products or services, using their ‘influence’ and like-ability to persuade the purchasing behaviours of their followers and communities.

For some, this is […]

July 16th, 2019|Accounting, Business Advice, Tax|

Your 2019 Income Tax Return- what you need to know

Keen to lodge your tax return? Only some of your income data will be pre-filled before
August, so be sure to double-check you’re declaring everything you earned in 2018–19!

This can include income from multiple jobs, rental properties, shares, distributions from
managed funds, foreign sources, government payments, and more.

Make sure you have all your relevant information at hand […]

July 11th, 2019|overdue tax, Tax|

Low and Middle Income Tax Offset- what this means for you

The Australian Government has now passed new law surrounding the Low and Middle Income Tax Offset. This is big news for small and middle income earners, however, there are many incorrect stories being circulated in the news and on the internet. We are here to set the record straight.

First of all, not everyone is entitled […]

July 8th, 2019|News, overdue tax, Tax|

Small Business News Bulletin

On the 21st of May 2019, the Australian Taxation Office (ATO) announced an extension to the instant asset write-off threshold.

The threshold has been increased to $30,000, and has also been extended to 30 June 2020. The instant asset write-off was also expanded and now includes those businesses with an annual turnover from $10 million to […]

June 25th, 2019|Accounting, Business Advice, Planning|

Should I lodge online or find a tax accountant?

With the 2019 financial year weeks away from ending, it is time to start thinking about the dreaded “T” word: TAX.

For many people this can be a confusing and stressful time, the biggest question being: “Should I find a tax accountant, or should I do my tax return myself?”. Whilst it can be tempting to […]

June 18th, 2019|Business Advice, News, overdue tax, Planning, Tax|
  • Not-for-profit handover checklist

Not-for-profit administrator’s handover checklist

Handover checklist for not-for-profit administrators
What happens when your not-for-profit organisation’s treasurer leaves? How does the incoming Treasurer know what to do? Here’s a handy checklist to help!

This ATO checklist is for use when your organisation is:

not-for-profit, and
changing the administrator of its tax affairs – for example a treasurer, office bearer or employee involved […]

February 27th, 2019|Accounting, Bookkeeping, Planning|
  • single-touch-payroll

Single Touch Payroll for Businesses Employing Less than 20 people

Single Touch Payroll (STP) started 1 July 2018 for businesses employing 20 or more employees.  STP is now compulsory for all businesses including those with less than 20 employees as of 1 July 2019.  It’s time to get ready for STP.
Some things you can do right now:
Review your business processes

Make sure the right people in […]

February 26th, 2019|Bookkeeping, Business Advice, Cloud Accounting|