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Tax Advice

Charitable donations may be tax deductible - here’s what you need to know

Donating to charity not only supports the vital work of an organisation or group, but it can have positive side-effects when it comes to claiming tax deductions. To be eligible for a tax credit, you need to make sure that your contributions meet certain conditions, and that you’re making a legitimate claim.

In general, when a charity is an approved donee organisation or registered

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Proposed Superannuation Guarantee Amnesty

The Superannuation Guarantee Amnesty legislation has failed to pass the Senate into law. With Parliament not scheduled to sit again until February 2019 and the Federal Opposition opposed to the Amnesty, the fate of the legislation is still very much up in the air.

Under the current law, if you've missed a payment or haven’t paid an employees' super on time, you are required to lodge an SG cha

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What to Consider When Buying an Investment Property

Keen to get into the property market as an investor? Before you start looking, you need to understand that what you’re looking for in a house, that you would occupy, might be different to an investment property.

When you’re hunting for an investment property, rather than looking for features specific to your needs; like commute times or how much you like the kitchen, you’re goin

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Remote work is on the rise - here’s what you need to know

Remote working has become more and more common as developments in technology have allowed us to communicate and collaborate no matter where we are. In fact, most of us are already logging on from home or holiday already. In May 2018, Swiss serviced office provider IWG released a study that found that 70% of professionals work remotely at least once a week.

Sometimes called ‘telecommuting&rs

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Have you got your super sorted?

When you’re employed, your employer makes compulsory contributions to your superannuation. When you work for yourself as a sole trader, or you’re in a partnership, making super payments isn’t mandatory. But, it’s still an important thing to consider.

Retirement savings contributions are there to set you up in retirement. Generally, investing money into super will give you

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Have you declared all your business income?

When meeting with accountant or sending us in your tax information here are some questions for you to consider when declaring income.

Did you:

  • receive any cash payments?
  • earn income through coupons, vouchers or gift cards?
  • receive income from other activities such as rent from business assets?
  • receive bank interest or money from other investments?
  • receive directors' fees, dividends or franking cre
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GST and BAS tips

Get on top of your record keeping early and be better prepared for lodging your BAS ‒ it can help manage your cash flow and get you your refund faster.

Keep your business on track with these GST and BAS tips:

  1. Keep all of the records you use to prepare your BAS. Generally, these records must be kept for five years.
  2. Only claim GST credits for business purchases that include GST in the sale price
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Instant asset write-off changes

In the Budget on Tuesday, the Government announced that it would increase the instant asset write-off threshold to $30,000 and extend it to medium sized businesses with annual turnover of less than $50 million.

The amendments mean there will be three tiers in the 2018/2019 financial year:

1. $20,000 threshold for depreciable assets that are acquired and installed ready for use before 29 January 201

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Superannuation Guarantee Amnesty will not proceed

The Government’s proposed Superannuation Guarantee (SG) Amnesty will not proceed. To recap, the SG amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the Amnesty (set out below) employers must have during this 12-month period voluntarily disclosed any SG underpayments that existed in the past (going as far back to when SG commenced in

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Your Fringe Benefits Tax Return is due soon

If you are lodging your own fringe benefits tax (FBT) return, you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June.

Even if you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year.

If you have not

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Cryptocurrency Owners

Cryptocurrency owners and traders are required to maintain records in relation to their holdings including records relating to the purchase, sale and transfer of cryptocurrency.

The Australian Taxation Office (ATO) will collect data from cryptocurrency designated service providers, under notice, to identify individuals or businesses who have or may be engaged in buying, selling or transferring cry

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Prepare for Finalising 2019 in Single Touch Payroll

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on.

Employers must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account and listed as &ls

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Laundry and clothing expenses

Continuing its focus in recent years on work-related expenses, this Tax Time the ATO says it will target false clothing and laundry work-related expense claims.

In 2018 alone, more than 6 million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion.

ATO Assistant Commissioner Karen Foat said while many Australians can claim clothing

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The importance of tax planning for directors

Paying tax is something you’re likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal tax liabilities?

As a director, you’ll pay your income tax annually on a self-assessment basis. But there are plenty of ways to make this a less costly and onerous task to complete.

Planning ahead when it comes to tax

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Non-compliant payments to workers no longer tax deductible

You can no longer claim deductions for payments to workers if you have not met your pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards.

Reminder if PAYG withholding rules require an amount to be withheld, you must:

  • withhold the amount from the payment before you pay your worker
  • report that amount to the ATO

You will not lose y

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