• 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 […]
  • smart-debt
    When Should You Use Debt?
    Source: NestEgg Despite record-low interest rates and changes to credit regulation making it easier for consumers to get a loan, a wealth educator has urged Australians to keep their debt low in order to build wealth. In a conversation with nestegg, Minnik Chartered Accountants director and wealth educator Leah Oliver […]
  • tax-avoidance
    ATO Data Reveals Tax Avoidance Red Flags
    Source: Accountants Daily The ATO has released its first annual report on Common Reporting Standard (CRS) statistics, which contains information on Australian financial accounts held by foreign tax residents as at 31 December 2018. Under the CRS, banks and other financial institutions pass on financial account information on non-residents to the […]
  • payroll-tax
    NSW Announces Payroll Tax Relief for New Jobs
    Source: Accountants Daily NSW Premier Gladys Berejiklian believes the Jobs Plus Program will create or support up to 25,000 jobs to 30 June 2022 by incentivising companies to relocate their head offices to NSW or expand their jobs footprint in the state. A key feature of the program will see […]
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 […]
18 December 2017

Accounting for Public Sector Entities, Higher Education & Charities

The not-for-profit sector includes higher education providers, TAFEs, charities, and federal, state and local governments. Not For Profit organisation will generally need to make and spend money, if only to cover the costs of providing their services, day to day operations, and to plan and provide for the future. Finances […]
5 December 2017

How to get the best ATO tax refund you can

We asked five veteran tax accountants for simple ways to get a better tax refund. Here are their top tips that almost any Australian can use! 1. Claim all the tax deductions you are allowed to claim The easiest way to increase your tax refund: claim a deduction for every […]
27 November 2017

Tax Deductibility of Commercial Website Expenses

In Taxation Ruling TR 2016/3, the Australian Tax Office (ATO) sets out their approach to the deductibility of costs relating to commercial website expenses, including expenditure in acquiring, developing, maintaining, or modifying a business website. Website expenditure falls into 2 categories: Revenue expense – generally deductible outright in the year […]
13 November 2017

Working Holiday Tax in Australia

Australia is a great place to travel and there are lots of opportunities to work whilst you’re here. Unfortunately, a working holiday isn’t automatically a tax holiday and, for the new arrival, the Australian tax system can be a minefield! Travellers who earn income while in Australia will be expected […]
9 October 2017

Tax Considerations For Property Investors

If you invest in a rental property or rent out your current property, you’ll need to keep records right from the start, work out what expenses you can claim as deductions, and declare all your rental-related income in your tax return. Any capital gain you make when selling or otherwise […]
9 October 2017

Tax Considerations For Property Investors

If you invest in a rental property or rent out your current property, you’ll need to keep records right from the start, work out what expenses you can claim as deductions, and declare all your rental-related income in your tax return. Any capital gain you make when selling or otherwise […]
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. […]
14 March 2017

Claiming Out of Pocket Medical Expenses

If you are out of pocket for medical expenses for you and your dependents in the 2016 financial year, you may be entitled to claim a tax offset. To determine the out of pocket amount you must deduct any amounts reimbursed to you from the total of the eligible expenses. […]
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