• jobmaker
    JobMaker Hiring Credits: What We Know So Far
    We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll […]
  • tax loss
    Refunds for Tax Losses
    If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.  In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously […]
  • investment
    Tax Deductions for Investing in Your Business
    Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
  • system-outage
    ATO Extends JobKeeper Monthly Declaration After System Downtime
    Despite the business monthly declaration for October JobKeeper payments due on 14 November, the ATO had scheduled its system maintenance for online services for agents over the weekend, effectively affecting access over both days. As such, the ATO has now confirmed it will continue to accept and process late declarations. […]
  • best-worst-smsfs
    3 Best and Worst Super Funds Revealed
    Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
  • Australian Tax Office
    ATO Flags Key Early Access to Super Dates
    In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 – this will include all approvals up […]
24 July 2018

Property tax changes catching clients out this tax time

So far this tax time, clients in their droves are surprised to find out about changes to deductions of travel expenses and plant and equipment depreciation in relation to their investment properties, according to H&R Block. Late last year, new rules around tax deductions for travel expenses associated with residential […]
5 June 2018

Is Money from a Loan Considered Income?

  Learning what incomes to pay tax on is important because the Australian Taxation Office (ATO) penalises taxpayers who incorrectly lodge their income tax return. With the large number of rules concerning financial transactions and taxes, a person receiving loan money could get confused about their tax responsibilities. Does money […]
14 May 2018

The Golden Rules for Work-Related Tax Deductions

The Australian Taxation Office is cracking down on cheeky taxpayers, arguing that it’s not fair for tax-dodgers to expect others to fork out for the bill. ATO assistant commissioner Kath Anderson has said that 2018 is the year in which the ATO shines a spotlight on work-related deductions that aren’t […]
19 March 2018

Taxation Affecting Your Business

If you were employed before you started your business, you’ll find that your tax affairs now become a lot more complicated. Various federal, state and local government taxes and rates can apply, depending on the size and location of your business. While you pay tax on your income, you can […]
22 January 2018

2018 Australian Tax Year Key Dates

The Australian fiscal system can seem daunting, especially if you’re emigrating there for a permanent work position and are due to start paying taxes there for the first time. However, unlike countries such as the US where tax season is essentially year-round, Australia’s only really runs from the 1 July […]
11 September 2017

Tax Responsibilities of a Small Business Owner

A number of Federal and State taxes and duties apply to businesses of all types, including small businesses. This article focuses on other tax responsibilities of small businesses including record keeping obligations, reporting obligations, PAYG withholding, superannuation and paying tax. Record Keeping Every business taxpayer must keep records of all […]
24 April 2017

GST on Uber Taxis

The ATO announced on the 20th of May 2015 that Uber drivers must register for GST. They’ve determined that under GST law, Uber, and by extension all rideshare services, meet the definition of a taxi service. This is significant because taxis have different GST rules to any other small business. […]
17 October 2016

Small Business Taxation

Small Business Tax can seem like a foreign language, especially when there are so many grey areas. Melbourne Accountants of Nobel Thomas has provided a general list of small business tax do’s and don’ts. DO – Begin with the end in mind To determine the right structure for your business […]
5 October 2016

Simple Tax Minimisation Strategies

Melbourne businesses may not be too keen on welcoming June. After all, the last day of which is also the end of the country’s financial year. It’s the time of the year when business owners are busy implementing their last minute tax planning strategies. Well, this shouldn’t be too complicated […]
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