2. Don’t Lodge EarlyThe Australian Taxation Office is warning taxpayers against rushing to lodge their tax returns on 1 July. The ATO said those who lodge in early July are twice as likely to make a mistake in their tax return than those who wait for pre-fill information to populate, an issue that is particularly relevant if you receive…
A reminder that if you have employees (including yourself as a company director/ secretary, if applicable) and you provide motor vehicles, car parking, entertainment including food and drinks, employee discounts, loans, phone and/or internet access, or the reimbursement of private expenses, then you are likely to be providing a fringe benefit and will need to…
With the end of the financial year fewer than two weeks away, NOW is the time to consider the ways you can manage your 2022 tax position. Imagine what you could do with money saved on tax: Reduce your home loan balance; Pay off debt; Top up your super fund; Go on a holiday; Make additional…
A few reminders before the end of financial year: Small Business Superannuation Clearing House (SBSCH) users must ensure superannuation payments are received by the SBSCH on or before the 23rd of June 2021 if intending on claiming a tax deduction for payments made to employees in the 2020/21 financial year. We recommend making your payments early so as…
Continue reading Working From Home Deductions and Changes from 1 July 2021
Motor Vehicles You can claim deductions for the use of motor vehicles (including motorcycles) when they’re used for business or work purposes. While your method of deduction will vary depending on your unique circumstances, regardless of how you claim, it’s important to distinguish the applicable work/business-related portion from any personal/private use, and stay on top…
With more of us working from home now as part of our ‘new normal’, the ATO is increasingly turning its attention to business expenses and employee deductions. Here’s how to ensure you don’t get caught out. What is a fringe benefit? Really simply, a fringe benefit is an additional ‘payment’ or benefit you receive on…