Tax Return 2018 Wanting to lodge your 2018 tax return? We can be of assistance! Here are some quick facts about lodging: Tax returns cover the financial year from 1st July to 30th A tax return should be lodged by the 31st October deadline to avoid penalties. If you’re having difficulty or you want a…
General Interest Charge and Shortfall Interest Charge – What they are? General Interest Charge (GIC) is a uniform rate of interest to delayed tax payments. It is compounded daily since the day the tax was originally due and remained unpaid. GIC is considered as tax deductible expense. The GIC was introduced on 1st July 1999…
Changes to Investment property tax deductions affecting the Tax returns for 2017-18 FY: In the 2017 Federal Budget, new measures were announced in regards to changes on how depreciation can be claimed on residential properties as well as the removal of claiming travel expenses for trips taken to visit and inspect your investment property (ies).…
THE GREATEST CHANGE AFFECTING PAYROLL FOR YOUR EMPLOYEES IS HERE. SINGLE TOUCH PAYROLL! DUE DATE 1ST JULY 2018! As an employer or a small business owner; managing employee obligations and even generally managing staff is one of the most crucial and important aspects of running a business. Payroll forms the biggest expense for most small…
In the recent past,theATO has been actively reviewing claims of taxpayerswho own holiday homes with a view to cut down on rental deductions which taxpayers may not be eligible to claim. Using the data matching system, the ATO isable to detect unusual claim sandis writing to a large number of property owners advising them about claiming deductions only which they may be entitled to.
SMSF Non lodgement on ATO’s scanner: Be-Aware! The ATO has undertaken a drive to declare SMSFs not lodging their tax returns as non-compliant. A non-compliant SMSF means that it is not eligible for concessional tax rates and hence will be taxed at 45%. The lodgement of a Self Managed Super Fund (SMSF) annual return is…
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Reduce your tax payable through tax offsets and rebates! Many individuals quite often ask the same question surrounding the topic of ‘how to save money on tax’. Besides the allowable deductions according to ATO; options such as negative gearing on an investment, salary sacrifice, so on and so forth, there are tax offsets and rebates…
