tax deductions Archives - Page 3 of 4

Stress less if you have nothing to confess

November 8, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO closing tax gaps

As part of the ongoing focus on closing tax gaps, the Australian Taxation Office (ATO) are scrutinising every tax return lodged and are on the lookout for incorrect claims this tax time.

Assistant Commissioner Karen Foat is assuring taxpayers who are doing the right thing, and only claiming what they’re entitled […]

Don’t lose a tax deduction for non-compliant payments to employees

October 30, 2019/in Payroll /by Salisbury Accountants & Business Advisors

Are you meeting your Pay As You Go (PAYG) Withholding obligations?

If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations.

This applies to tax returns lodged for the 2020 year onwards.

The PAYG rules […]

SG amnesty

October 8, 2019/in Payroll /by Salisbury Accountants & Business Advisors

SG amnesty idea re-surfaces, but with an extended period of application

Last year’s announcement of an amnesty for employers who come forward to correct underpayments of their super guarantee obligations has been resurrected in a new bill.

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019, […]

Indicators of itinerant workers

September 13, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Bonafide ‘mobile’ work can open up more deductions

Digital capabilities, a growing “gig economy” and the changing nature of employment means that many Australians are becoming more mobile in their income-earning activities, or in some circumstances practically nomadic chasing work.

With the ATO on the lookout for “red flags” for taxpayers making false work travel […]

Low-cost assets and the threshold rule for your small business

August 30, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

Read more

Work expense deductions

August 28, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Myths (and the facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Mainstream media only recently was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets and […]

Tradies claiming tax deductions

August 26, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Tradies: Some tax claims pivot on how you operate

Working tradies need to be certain about what can or can’t be claimed on their annual tax return.

A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, […]

Tax deductible ‘non-compliant’ payments

July 12, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Tax deductibility of ‘non-compliant’ payments about to get the chop

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a […]

Legal expenses and tax deductibility

July 8, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Do you have a legal expense?

Is it deductible?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another […]

Is penalty interest tax deductible?

July 5, 2019/in Bookkeeping /by Salisbury Accountants & Business Advisors

The yes, no and maybe of penalty interest deductions

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The term “penalty interest” refers to an amount payable by a borrower under a loan agreement in consideration for the lender agreeing to an early repayment of a loan. […]

Posts

As part of the ongoing focus on closing tax gaps, the Australian Taxation Office (ATO) are scrutinising every tax return lodged and are on the lookout for incorrect claims this tax time.

If you are running a business, you can no longer claim deductions for payments to employees/workers if you have not met your Pay As You Go (PAYG) Withholding obligations.

Last year’s announcement of an amnesty for employers who come forward to correct underpayments of their super guarantee obligations has been resurrected in a new bill.

Digital capabilities, a growing “gig economy” and the changing nature of employment means that many Australians are becoming more mobile in their income-earning activities, or in some circumstances practically nomadic chasing work.

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […] Read more

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Working tradies need to be certain about what can or can’t be claimed on their annual tax return.

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

Is it deductible?

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

Read more