Practice Update – Nov 2020

Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan … Read more

Tax Tips and Key Changes – Business 2020

New rules follow the government’s economic response to novel coronavirus (COVID-19). Cash Flow Boost If you as an employer received a cash flow boost under the boosting cash flow for employers measure, the amount is tax free (non-assessable non-exempt income) and you are entitled to a deduction for the PAYG withholding paid. From 12 March … Read more

Tax Tips and Key Changes – Individuals 2020

tax tips

Do you know the tax deductions and offsets for which you might be eligible this financial year? The following tips may help you to legitimately reduce your tax liability in your 2019-20 return. With so much information being pre-filled into your tax return this year, it’s best to wait until all the data is finalised … Read more

Rules For Claiming Work Related Deductions

As tax time approaches the ATO is encouraging people to check which work related expenses they are entitled to and understand what records they need to keep. A tax deduction is allowable if you can show that an expense was: actually incurred meets the deductibility tests, and satisfies the substantiation rules. Generally speaking if you … Read more

What to Expect When You Are Being Audited by the ATO

What is Involved? A review or audit usually involves looking at your tax affairs to ensure the information you have given the ATO is accurate and you have complied with your tax obligations. What the ATO Expects of You The ATO expects a co-operative approach. They expect us to be timely and accurate in our … Read more