Navigating the complexities of employment classifications, the Australian Taxation Office (ATO) issues a stern warning that simply designating a worker as an independent contractor in an agreement does not automatically align with tax and superannuation purposes. The presence of an Australian Business Number (ABN) is also not conclusive evidence of genuine contractor engagement. Clarifying the…
Today, we bring you significant news regarding the proposed changes to personal income tax cuts in Australia, set to take effect from 1 July 2024. The Federal Government has recently released a proposal to realign and redistribute the legislated Stage 3 tax cuts, impacting taxpayers across the nation. WHAT’S CHANGING? In a move aimed at…
Taking classes, courses or enrolled in a training program? The ATO has recently announced an update to self education tax deduction rules. What’s new The new draft reinforces what types of education qualifies for Self Education Tax Deduction. What qualifies for self education tax deduction To qualify for tax deduction, the course must For example……
Want to pay less in taxes this year? This new energy incentive can help you reduce your taxable income by $20,000. What Is The Incentive The Small Business Energy Incentive is about to be passed in Parliament. Who it’s for It’s a tax credit aimed at helping small and medium businesses move towards more efficient…
How the ATO runs its client accounts is a mystery to most people. Let’s see if we can’t simplify the subject for you. Having trouble? We can make it easy for you to manage your ATO client accounts, and get your tax filings accepted by the ATO. Contact us for a free consultation Contact Us Call…
Invoice fraud or false billing happens when an outstanding invoice redirects payment to a fraudulent bank account. This can be done via fake invoices, employee/supplier impersonations or invoice manipulation from an email hacker. Anyone can be a victim to invoice fraud. Australian businesses lost $277 million to payment redirect scams in 2021, according to the…
If you include Working From Home deductions in your annual tax returns you may want to read further as the rate has changed and also the requirement to keep detailed records. The Australian Taxation Office (ATO) has made some revisions to the working-from-home deductions which implement stricter record-keeping requirements and a new rate per hour….
Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has been reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs. What’s a downsizer contribution? If you are aged 55 years or older, you can contribute $300,000…
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it, i.e. You sell it Convert it to a fiat currency Exchange it for another type…
Making Electric Vehicles (EVs) FBT-free is just the first step in the Government’s plan to make zero and low-emission vehicles the car of choice for Australians, focussing on affordability and overcoming “range anxiety” by: Cutting import tariffs Placing EV fast chargers once every 150 kilometres on the nation’s highways Creating a national Hydrogen Highways refuelling…