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Posted in Tax
#Everyoneneedsaplan to Meet ATO Audit Costs
Posted by Dean McKinnon
on 2 November 2019
Increasingly, the ATO is actively enforcing their compliance program - which is "ATO-speak" for saying that they are increasing the number of audits being completed.
The concern about an ATO audit is not necessarily that you have done something wrong and owe the ATO tax (and possibly penalties, fines and interest), it is that you have to prove that you have not done anything wrong. The cost of obtaining proof could be significant - possibly thousands of dollars in accountant or ...
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#Everyoneneedsaplan HECS/HELP Minimum Repayment Threshold
Posted by Dean McKinnon
on 31 August 2019
HECS/HELP Minimum Repayment Threshold Increased
I have just read in a recent article from the ATO Small Business Newsroom newsletter received Wednesday 28 August 2019 that the Minimum Repayment Threshold for HECS/HELP loans is increasing from 1 July 2019.
The new Minimum Repayment Threshold is $45,881.
Employers may need to increase the PAYG tax withholding for any employees that have HECS/HELP loans to ensure they meet the new minimum repayment threshold requirements....
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#Everyoneneedsaplan for a Website
Posted by G. Dean McKinnon
on 20 June 2018
Do you have a Website?
It maybe time to get a Website or upgrade your existing Website.
Do you know what you can claim as a deductible business expense for your website costs?
The expense of a Website falls into 2 categories (according to the ATO Taxation Ruling TR2016/3):
1. Revenue expenses - generally can deduct the total amount in the year the expense is incurred, these include:
licence or subscription fees;
monthly hosting fees;
socia...
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#Everyoneneedsaplan for the new Federal Budget
Posted by G. Dean McKinnon
on 16 May 2018
2018 Federal Budget
Want to know how it affects you? Here are the highlights:
Up to $530 tax savings (per peron) for low and middle income earners
$20,000 instant business asset write off has been extended to 30 June 2019
1 year exemption from work test for recent retirees (with less than $300,000 in superannuation savings)
Superannuation fund exit fees have been banned
Home care services and residential aged care funding has increased
...
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#Everyoneneedsaplan for tax time
Posted by G. Dean McKinnon
on 9 May 2018
HOW TO GET READY FOR TAX TIME
Here are some tips to make tax time a smoother process:
Get your evidence organised:
Bank statements
Tax deductible expense receipts
Income Protection Insurance
Credit card statements
Rental income statements
Investment property expenses (rates, water, agent fees; repairs)
Dividend Statements
Medical Insurance
Categorise your evidence
Sorting your statements and receipts etc. into categories c...
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