Cryptocurrency is a hot topic of discussion in the taxation industry, due to its digital nature as an asset and the reporting requirements behind the tax on its earnings Cryptocurrency may seem like another form of money to you (albeit in digital form), but it isn’t to the Australian Taxation Office (ATO). From their point…
The platforms that play host to large proportions of Australia’s gig economy (such as ride-sharing and short-stay rental apps) will be given a reprieve from mandatory reporting requirements due to the upcoming election delaying parliament’s passing of a bill. The 21 May federal vote means a law, which would have required digital platforms to relay…
The end of the financial year is coming up next month (30 June), and you may be looking for ways in which you could make tax savings in this year’s tax return. This could be through tax deductions, expenses that you could make now for your work purposes or even with tax offsets introduced by…
With more than a quarter of Australian employers currently having an apprentice or trainee on the books, it’s important that these young individuals understand what they may be able to claim work-wise on their tax returns this year (and that they should be preparing for it sooner rather than later). Car Expenses You can claim…
As we approach the end of the financial year, the duties and responsibilities that we need to manage begin to crop up. To help manage a lot of the tax planning and business strategising that takes place during this time, up-to-date records of the previous year can be of invaluable help. If done well, record-keeping…
It’s getting closer to the time that FBT returns need to be lodged, so it’s important to understand that there may be a change to the FBT liability of your business when it comes to one employee benefit. Car parking as an FBT benefit is provided on a particular day when, between 7.00am and 7.00pm:…
Before you claim a tax loss for your business, you need to make sure that you have correctly claimed the expenses that you are entitled to. If you overclaim expenses, your business can be put into an incorrect tax loss situation, which can make things complicated. Generally, a business can make a tax loss when…
The Government announced last Tuesday during the Budget that a one off increase to the low and middle-income tax offset (LMITO) to raise it from $1,080 to $1,500 for the 2021-22 financial year This means that you will likely be receiving an increase of $420 to the offset, if you fall into an eligible tax…
People across different industries may have different items for work that they can claim a deduction on their tax returns for, but this season may see a few common occurrences across individual tax returns for 2022. On your individual tax return this year, you may notice a few expenses pertaining to COVID-19-related purchases, such as…
With the rise in petrol prices making everyone’s eyes turn to the Federal government for some relief, businesses may be feeling the pinch of the additional expense in running their vehicles. Whether you’re a business owner or simply an individual that uses their car for work-related purposes, fuel is a taxation topic that you might…