There is $16 billion in lost and unclaimed super across Australia, new data from the Australian Taxation Office (ATO) reveals. This is an increase of $2.1 billion since last financial year and the ATO is urging Australians to check their account to see if some of the money is theirs. Deputy Commissioner Emma Rosenzweig said finding lost…
Read more
The ATO should have postponed its revisions to the work-from-home claims regime until next financial year, says H&R Block. Most taxpayers will fail to notice the ATO publicity campaign about changes to work-from-home deductions and will learn about them when they do their tax return after July, says the director of tax communications at H&R…
Read more
Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you maintain a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
Read more
Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you manage a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
Read more
We’re here to provide you with information to help you identify concessions you might be eligible for. There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but…
Read more
Check or report an ATO impersonation scam and get to know some warning signs of phone, email and SMS tax scams. Verify a scam Scams trick you into paying money or giving out your personal information. Scammers often pretend to be from trusted organisations like the ATO. We will sometimes contact you by phone, email,…
Read more
You may have received a business support grant recently to help your business through tough times. Remember, when it comes to tax time, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income. However, some grants are formally declared non-assessable non-exempt (NANE) income.…
Read more
When running your self-managed super fund (SMSF) it’s important to know that accessing your super can be illegal at times. You should also be wary of people, known as ‘promoters’ who want to help you set up an SMSF for the purpose of illegally accessing your super. As a trustee of a SMSF it is…
Read more
What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late. Events you need to report An SMSF must report events that affect a member’s transfer balance account. Common events are: Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be…
Read more
There are some extra things you need to do if your business has employees (even if they are family). TFN declaration On the first day a worker starts working for you, you should ask them to complete a Tax file number declaration (NAT 3092). They don’t have to tell you their TFN, but if they don’t, you…
Read more
