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Tax Saving Strategies prior to 1 July 2018.

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Common claims made by individuals The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, plus […]

Increased Scrutiny of Home Office Claims

Last year, 6.7 million taxpayers claimed a record 7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Rerportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on these cliams this […]

Single Touch Payroll For Small Business

Single Touch Payroll (STP) is a new initiative by the ATO to improve the way small business report their payroll and superannuation contribution information. So, if you’re not already using an online accounting system or payroll service provide, now is the time to consider your options.   Read more:  Single Touch Payroll For Small Business

Division 293 Assessments

The ATO has been using “Additional tax on concessional contributions (Division 293) assessments; with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 1% tax on certain concessional (ie. taxable) superannuation contributions. This means that impacted individuals may ultimately pay 30% tax (when the Division 293 tax is combined with […]

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