Common Tax Time Mistakes that can easily be avoided!
Let’s start with some interesting facts about Australian’s and their tax! We can hear your mind ticking over… you are wondering what could possibly be interesting about tax? It is a task that you must do, that you put off and put off, or rush through so quickly in the hopes of getting a great... Read More
Late or Overdue Tax Returns
Penalties could apply. Some people may have forgotten to lodge a tax return or been too busy or it just hasn’t been a priority but whatever the reason for not lodging, the Taxation Office will require you to lodge a return every year if your income is over a certain threshold. If you have not... Read More
ATO Warning: Malicious phone scam targets taxpayers
27 June 2014 – ATO Warning: Malicious phone scam targets taxpayers The ATO is warning Australians to be on the lookout for a malicious scam that intimidates taxpayers into paying a fake tax debt over the phone. “This scam is particularly concerning because it threatens taxpayers with legal action or arrest if they do not... Read More
Home office expenses Running cost and Occupancy expenses
Individual Tax Return Basics: Home office expenses Running cost and Occupancy expenses You may be entitled to claim deductions for home office expenses: Running costs may be deductible. Occupancy expenses are generally not deductible for an employee. You must keep records. Running costs If you perform some of your work from a home office, you may... Read More
Home office expenses Claiming a computer phone or other electronic device
Individual Tax Return Basics: Home office expenses – Claiming a computer, phone or other electronic device as a work-related expense If you’re an employee and required to use your computer, phone, tablet or other electronic device for work purposes, you may be able to claim a tax deduction. However, you must be able to demonstrate... Read More
Four methods for claiming work-related car expenses
Individual Tax Return Basics: Car Expenses – Four methods for claiming work-related car expenses You can choose which of the following four methods for claiming work-related car expenses that gives you the largest deduction for any car and choose different methods for different cars. Some adjustments to your claim may need to be made if the... Read More
Small business benchmarks
Small business benchmarks Small business benchmarks update: Benchmarks have been updated with data from the 2010–11 financial year. Benchmarks are updated annually using the latest available income tax data. Small business benchmarks are financial ratios developed from information provided to us by businesses on their tax returns and activity statements. You can use the benchmarks... Read More
Common Tax Mistakes – Rental Properties
Rental properties: Avoiding common mistakes The ATO has identified a number of common mistakes in the tax returns of rental property owners. To help you, ATO has compiled a list of what you should do and common mistakes to avoid including: Construction costs Initial repairs and capital improvements Interest expense Legal expenses Travel expenses Apportionment... Read More