Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
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Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
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Find out about deductions and tax implications if you own a holiday home. Holiday Home – Not Rented Out If you own a holiday home and don’t rent out the property, you don’t include anything in your tax return until you sell it. When you sell the property, you will need to calculate your capital gain…
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What to do if you need to fix a mistake in a previously lodged BAS or make an adjustment for a change. What are mistakes or adjustments Correcting a mistake made in an earlier business activity statement (BAS) is different to making an adjustment: When to fix a mistake Examples of mistakes you may have…
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These steps help businesses use online services to nominate an agent. About client-to-agent linking steps Businesses can use the ATO’s online services to nominate an agent. These steps are for clients who need to nominate an agent. You only need to do this when you: Contact the ATO or your registered agent if you need guidance. Your…
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The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings. There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn…
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Find out about claiming an exemption from paying the Medicare levy if you were not entitled to Medicare benefits. 2023 Medicare Entitlement Statement (MES) processing delay If you applied to Services Australia for a 2023 MES and you’re waiting for it to be processed, you should still lodge your tax return by the due date.…
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Loans to members continues to be the highest reported contravention of the superannuation laws that we see in auditor contravention reports (ACR) lodged by self-managed super fund (SMSF) auditors. These loans comprised 16% of all reported breaches for the 2019 to 2022 audit years. It’s important to remember SMSF trustees cannot loan money or provide other…
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If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
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When was the last time you checked your Australian business number (ABN) details on the Australian Business Register (ABR)? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN details to identify businesses in areas affected by emergencies, so it’s important to check your…
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Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the FBT implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability. What kinds of…
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Self-managed super funds (SMSFs) must report certain events that affect members transfer balance account (TBA) quarterly using transfer balance account reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million. You must report and lodge within 28 days after the end of the quarter in which the event…
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If you’re in business, it’s important to know the difference between business losses and non-commercial losses. When it comes to business losses, you generally make a business tax loss when the total deductions you can claim for an income year exceed the total of your assessable and net exempt income for the year. If your business makes a…
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Clothing, jewellery, gaming products, flights and crypto assets are just some of the things you might have to account for in your tax return as part of your business income. If you received these or any other non-cash benefits instead of money for your goods or services, or as a tip or gift – you must…
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Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. PAYG instalments are reassessed after you lodge your tax return. If you have higher or lower business and…
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Profitable companies that choose to relegate their tax and super obligations will be a focus of the ATO’s crackdown on collectable debt, Commissioner says. Too many businesses “roll the dice” on tax liabilities and treat them like a free loan, ATO Commissioner Chris Jordan says. He said small business owed more than its share of…
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The Australian Taxation Office (ATO) is reminding rental property owners and their tax agents to take care when lodging their tax return this tax time. ATO Assistant Commissioner Tim Loh explained that the ATO’s review of income tax returns show 9 in 10 rental property owners are getting their return wrong. ‘Landlords and their registered tax agents…
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The Pandemic saw the ATO take a much softer stance across a number of fronts: Since the pandemic has passed we had seen, until now, a gradual return by the ATO to situation normal. In recent weeks we have however seen the ATO take a far more aggressive approach – particularly with regard to PAYG…
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The Australian Taxation Office (ATO) is continuing to provide dedicated support to taxpayers this tax time. Assistant Commissioner Tim Loh acknowledged that for some, tax can seem overwhelming. ‘The ATO is here to help with the support you need to get it right this tax time.’ Tax Help The Tax Help program is a free…
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The ATO have released a series of videos to help you understand your super obligations as an employer. As a small business employer, you can find out about: Remember, registered tax and BAS agents can help you with your tax and super. Source: ATO Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds…
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Find information and examples on the latest tax and super-related ATO impersonation scams. Scam advice Be wary of emails, phone calls and text messages claiming to be from the ATO. If you think a phone call, SMS, voicemail, email or interaction on social media claiming to be from the ATO is not genuine, do not…
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Super guarantee contributions for the quarter ending 30 June were due to eligible workers by 28 July. If you missed the due date, didn’t pay the right amount, or didn’t pay to the right super fund, you’ll need to: The SGC statement can help you calculate the SGC. If you don’t lodge your SGC statement by the…
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Consider these key points about the R&D tax incentive before you lodge your company tax return this year. If you engage in research and development (R&D) activities and are eligible for the R&D tax incentive, you must lodge an R&D tax incentive schedule when you lodge your company tax return. Before lodging your 2023 company tax return and the…
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Tax time for a sole trader can be stressful, however with a little planning you don’t need to dread doing your tax return. Take Benzi for example. Benzi is a self-employed professional tiler whose total gross business income is $82,000 per annum. Benzi knows that he’ll have a tax bill at the end of the…
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You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Rubi for example. Rubi is a sole trader who works as an IT consultant. As part of her work, she travels to deliver seminars and workshops. Rubi follows…
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You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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If your business conducted research and development (R&D) activities, you may be eligible to claim a tax offset under the R&D tax incentive. If you’re eligible, you can claim the R&D tax incentive by completing the R&D tax incentive schedule and lodging it with your company tax return. See the R&D schedule instructions for information on how to complete the schedule. You…
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“Hi, I’m Rebecca, director for Superannuation and Employer Obligations at the ATO. We understand that as employers you play a vital role in Australia’s tax and super system, and paying super is a very important responsibility. It’s important that you make super contributions for your eligible employees and contractors on time, in full and to…
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As an employer you play a vital role in Australia’s superannuation system. But being an employer also means you have superannuation obligations you need to meet. So let’s walk through these super obligations so you can avoid additional paperwork, charges or penalties. When hiring a new employee, you must offer them a choice of super…
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The tax time toolkit for 2023 is now live, with updated links to useful information, tools, calculators, learning resources and other support and services. This toolkit is your one-stop shop for help during tax time and throughout the year. You’ll also find updated fact sheets on: In addition, there is expense-related information for primary producers on: If…
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With the new financial year upon us, it’s time to check if your business needs to lodge a Taxable payments annual report (TPAR) for payments made to contractors providing the following services: TPARs are due on 28 August each year and penalties may apply if they’re not lodged on time. You can help prepare for your…
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Certain capital losses, disposals and small business CGT concession claims attract the ATO’s attention. Capital Losses Situations that attract the ATO’s attention include: Capital Gains Tax – Disposal Situations that attract the ATO’s attention include: Small business CGT concessions The ATO want to ensure entities genuinely meet the eligibility criteria when claiming small business CGT concessions.…
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If you are required to travel as part of your job, then you likely incur various costs. Whether making a short trip to attend a meeting or taking an overseas trip for an extended period, you can deduct your travel expenses. However, the laws surrounding travel expenses are complicated, and the Australia Taxation Office (ATO)…
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Find out about tax offsets (or rebates) available to eligible businesses. About tax offsets Tax offsets (also referred to as rebates) directly reduce the amount of tax payable on your taxable income. Offsets can reduce your tax payable to zero but can’t get you a refund unless they are refundable tax offsets. Small business income…
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The Commonwealth penalty unit amount increased to $313 on 1 July for infringements occurring on or after that date. Failure to meet a tax obligation, such as not lodging on time, may result in a penalty. The ATO understands there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t pay,…
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As tax time approaches, you should start preparing to meet your annual tax and super obligations. We’ve kick-started the process by pulling together a list of key hints to help you keep on top of things: Check out the various resources and tools available for employers on our website. Remember, registered tax agents can help you with…
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The ATO will be closely scrutinising deductions claimed for short-term rental properties. In this year’s federal budget, the government announced a huge injection of funding for the ATO to expand the scope of its personal tax compliance program to address emerging areas of risk. The government’s announcement makes it clear that one of these emerging…
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As we head towards the end of another financial year, here are some things you can do to prepare for tax time. Before 30 June, check if there are any tax-deductible items your business may need, or any concessions you can access. You could be eligible for simplified depreciation rules, the small business income tax offset, immediate…
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The following provides important information and instructions to complete and lodge your tax return. Who can complete your tax return? You can get someone else to complete your tax return for you: Whoever helps you: Lodge your tax return by 31 October 2023 If you’re lodging your own tax return, you need to lodge it…
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As part of the 2023–24 Budget, the government announced a lodgment penalty amnesty program for small businesses. For lodgments eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.…
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Use this checklist to review the health of your super in 5 easy steps. Why you should review your super Your super is one of the biggest assets you’ll accumulate in your lifetime. However, many Australians think they don’t need to worry about their super until retirement. Some don’t think about it at all. It’s…
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Cyber criminals will be hunting more than just money this end of financial year (EOFY) – remember to keep your guard up. As Australia approaches the EOFY, brokers, individuals, organisations and their employees should stay alert to phishing, smishing (SMS phishing) and vishing (phone call phishing) scams. Cyber criminals attempt to take advantage of this…
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Tax time essentials, learning resources, tools and services to support small business. Tax time essentials The ATO offer a range of tools and services to make it easier for you to get your tax and superannuation right. They want to help you manage and grow your business and get back on track if you need…
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Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see? Congratulations, you’re a content creator! If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, it’s…
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If you disagree with a decision the ATO have made about your tax affairs, you may be able to use one of their free options for resolving disputes. You can use their in-house facilitation service for tax and super matters at any stage from audit up to litigation, where appropriate. It’s a free mediation service where an independent accredited ATO…
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Don’t let rising indexation on study and training loans catch you or your employees unaware. Earn that ‘World’s greatest boss’ mug by informing and advising your employees of the following key points. The compulsory repayment threshold for the 2022–23 financial year is $48,361. If you have employees with a study loan who earn more than…
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Download a copy of our April Newsletter… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing Tax & Business Advisory services– Bookkeepers to help you with BAS, IAS & Payroll– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies– Mortgage…
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If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns. Make sure you note the following in your calendars: While it’s important to lodge and pay on time, we understand there may be circumstances…
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If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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Have you ever wanted to help deliver the tax system of the future for small business? If so, our Small Business Stewardship Group (SBSG) might be for you. The SBSG is a part of our commitment to consultation. We aim to co-design our administration of the tax and super systems in partnership with those across…
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If over half the income you’ve received from a contract is a reward for your personal efforts or skills (rather than from the use of assets, the sale of goods, or from a business structure), then your income is classified as personal services income (PSI). You can receive PSI in almost any industry, trade or…
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Good record keeping helps you manage your business and cash flow, and ensures you get the right outcome with your tax return. Check you’re setting yourself up for success with these top 4 tips: Remember, registered tax agents can help advise you on your record keeping requirements. Source: ATO Welcome to Accountplan, proudly assisting the community…
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The ATO’s generous Instant Asset Write-Off comes to an end as at the 30th of June this year. So there may not be a better opportunity for those who are self-employed to buy vehicles or equipment for their business than there is right now. Accountplan has a large number of lenders on our Vehicle &…
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How to lodge an FBT return, the due date for lodging and paying, and what to do if you pay by quarterly instalments. Do you need to lodge a return? You must lodge a fringe benefits tax (FBT) return if, for the FBT year (1 April to 31 March), you either: If you paid FBT instalments and…
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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…
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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…
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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…
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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…
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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…
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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,…
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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.…
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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…
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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…
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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…
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The Commonwealth penalty unit amount will increase to $275 from 1 January 2023 for infringements on or after that date. Failure to meet a tax obligation, like not lodging on time, may result in a penalty being applied. We understand there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t…
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Read our questions and answers about director ID to find out, what to do if you’ve missed the deadline, more about who needs one, and how you can get it. I’ve missed the 30 November deadline, what now? If you missed the deadline, you can still apply for your director ID. We’re taking a reasonable approach…
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Latest figures suggest almost one-third of company directors will fail to apply by the November 30 cutoff. Almost 800,000 directors will miss the November 30 deadline to apply for an ID number with just 1.5 million out of the 2.5 million eligible in the system, according to figures supplied by the ATO this week. The…
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If you hire staff on a short-term or occasional basis, you need to be aware of recent changes to super guarantee (SG). The changes mean more of your employees may be eligible for super. The changes started on 1 July 2022. You need to pay super for employees at a rate of 10.5%, regardless of how…
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Find out about managing your tax when you buy, sell or invest in crypto assets. Tax responsibilities Crypto assets (crypto) are a digital representation of value that you can transfer, store or trade electronically. This also includes non-fungible tokens (NFTs). When you buy, sell, or dispose of crypto assets in any other way, you have tax…
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If you claim fuel tax credits, multiple rates may apply to your business activity statement (BAS) that is due in October, depending on when you acquired the fuel. Changes to fuel tax credits occurred on 30 March, 1 July (biodiesel only),1 August, and 29 September 2022. Fuel tax credit rates change regularly. The easiest way to ensure you are using…
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Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. When you pay regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. If you think the amount you pay now will be more or less than your expected tax…
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Throughout October the Australian Cyber Security Centre (ACSC) is sharing guides and resources that will help you protect all your information from cyber criminals. Update your devices and applications Cyber criminals hack devices by using known weaknesses in systems or apps. Check your devices for updates, and turn on automatic updates so that future updates are made…
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Directors need to apply for their director identification number (director ID) by 30 November 2022. If you have a corporate trustee for your self-managed super fund (SMSF), then you’re a company director, and need a director ID. Not sure if you need to apply? You can check if you need a director ID at who needs to apply.…
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The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 October 2022. You’re required to lodge your TBAR by this date if: a transfer balance account (TBA) event occurred in your SMSF between 1 July and 30 September 2022, and any member of your SMSF has a total super balance greater than…
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If you’re a sole trader or in a partnership, you may be able to claim the business-use portion of running expenses (the costs incurred using your home’s facilities) and occupancy expenses (what you pay to own or rent your home). For example, Georgia is a sole trader and runs a hairdressing business from her granny…
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Here are 4 things to keep in mind when claiming motor vehicle expenses – such as fuel, oil, servicing and registration – for your business. If you operate your business as a sole trader or partnership (where at least one partner is an individual), the method you must use to calculate your deduction depends on…
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Do you keep track of any business income in your private accounts so that you can report it correctly in your business tax return? We have no concerns with business owners banking their business takings or other sales in private accounts. However, it becomes an issue when this income isn’t reported. A good way to…
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Off-the-books transactions and side hustles have a habit of showing up the ATO’s tracing technology, says Assistant Commissioner. Make sure your business includes all income and avoid the temptation of undeclared cash transactions, the ATO is warning SMEs. Speaking on this week’s Accountants Daily podcast, Assistant Commissioner Andrew Watson said cash was making a comeback…
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With all the changes due to COVID-19, you may have contracted out more services in the past year. This could mean you need to lodge a Taxable payments annual report (TPAR) for the first time. TPARs are due on 28 August each year. You may need to lodge a TPAR if your business pays contractors or subcontractors…
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What is a payment plan? A payment plan is an agreement with the Australian Taxation Office (ATO) to pay your tax liability in instalments over a period of time. Not only is it a practical way to meet your payment obligations, but it allows you to break down your payment into smaller amounts that are…
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The ATO’s ramp-up of debt collection activity on small businesses shows up in the figures for July. Business insolvencies are back to pre-pandemic levels with the ATO firing out 120 director penalty notices a day as it ramps up debt collection to full speed. July recorded 674 businesses being wound up or entering administration, line-ball…
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Small businesses told under-reporting will be exposed by powerful data matching. The ATO is warning businesses that they have until 28 August to complete a taxable payment annual report (TPAR) for last year as it cracks down on the shadow economy. Around $350 billion in payments made to 950,000 contractors were reported last year and…
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As of 1 July 2022, the $450-per-month super guarantee (SG) eligibility threshold was removed. This means that if an employee meets the other SG eligibility requirements, you must pay them SG, regardless of how much they earn. However, employees under 18 must still work more than 30 hours in a week to be eligible. It’s important…
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We recognise there can be times when super is not front of mind for employers. Super guarantee (SG) obligations were due on 28 July for the last quarter. If you missed or didn’t pay the full amount of your employees’ SG, you’ll need to: lodge a super guarantee charge statement to us by 29 August to disclose any missed or…
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How small businesses can get started with eInvoicing to exchange invoices with trading partners through software. How to start eInvoicing eInvoicing will help your small business save time and simplify invoice management. It’s a standardised and easy way to send and receive invoices between the buyer’s and supplier’s software through a secure network. You and…
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We’re concerned about a high volume of SMS scams pretending to be from the ATO. These scams tell you that you’re owed an income tax repayment and ask you to click a hyperlink and complete a form. Clicking the link takes you to a fake ATO webpage that asks for your personal identifying information, including…
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You may receive your business income in the form of: cash and digital payments, such as EFTPOS, online, credit or debit card transactions, and through platforms such as PayPal, WeChat or Alipay vouchers or coupons, such as state government stimulus vouchers. When calculating your business’s assessable income, it’s important that you include all income from…
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A comprehensive toolkit gives a run-down on expenses and deductions. The comprehensive guide also highlights three areas of concern: deductions, omissions of business income and record-keeping. On deductions, the ATO reminded small-business owners to only claim what they are entitled to and outlined three rules for valid business deductions: The expense must have been for…
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But common mistakes will lead to longer processing times, it says. The ATO has pledged to process most electronically lodged tax returns within 12 business days, but said delays are being caused by common mistakes. Tax agents and their clients needed to ensure information is correct, it said, because every year the ATO received inaccurate…
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The ATO is writing to thousands of businesses with outstanding tax debts to warn them that they will be reporting the debts to credit reporting bureaus unless action is taken. This move could obviously have a very detrimental effect on the businesses concerned, not only in terms of tainting their credit history and/or credit score,…
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The ATO is warning taxpayers to be vigilant on a range of claims that will come in for greater attention during tax time this year, from work-related expenses to cryptocurrency gains. Assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes. “It’s important you rethink your claims and…
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Office steps up debt collection with scores of director penalty notices and hundreds of credit referrals. The ATO is sending out 30-40 director penalty notices every day and has begun referring taxpayers to credit agencies as it steps up debt collection post-COVID. The DPNs follow 52,319 warning letters dispatched last month to directors of companies with…
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Businesses that have trouble paying employee super will need to lodge before 30 May. Employers that will struggle to pay an employee’s minimum superannuation guarantee (SG) amount on time and to the right fund, must remember to pay the superannuation guarantee charge (SGC) this tax time, says the ATO. “We understand that paying your employees’…
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Widely used trust practices had been known about for years, says IPA. Advisers have relied for years on common practices “considered legitimate” for trust taxation and the ATO should have acted earlier if they were unacceptable, the IPA says in its 100A submission. As a result, IPA members were “blindsided” by the 100A draft ruling…
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Expect a stronger compliance regime after the office returns to business as usual. The ATO is focusing on a range of claims that have come into greater attention this tax year, from changing work-related expenses to the sharing economy and digital currencies, said H&R Block. Speaking to Accountants Daily, H&R Block director of tax communications…
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The status of benefits paid to a member after death remains problematic, hears SMSF conference. An ATO decision over whether benefits paid after the death of an SMSF member are classified as member benefits or death benefits will come to a head in legal action, warns the SMSF Association. The deputy chief executive of the SMSFA, Peter…
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Expenses incurred from the test before the individual engages in work will most likely be covered, says CPA Australia. CPA Australia’s senior manager tax policy, Elinor Kasapidis, said the ATO is likely to take a “common-sense approach” to tax deductions on COVID-19 workplace tests. This would allow employees to claim tax deductions for COVID-19 tests…
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Businesses seeking to adopt e-invoicing will need to use providers accredited by the ATO. The ATO has released the latest register of e-invoicing service providers accredited by the Australian Peppol Authority. “The service providers included on this register have completed the Australian Peppol Authority accreditation process and are trusted to operate in the network,” the…
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The ATO has got its sums wrong with its increase in vehicle deductions by just 3¢ per kilometre. The rise in the work-related car expense deduction to 75¢ a kilometre from July fails to reflect the reality, said accounting bodies, and will leave millions of taxpayers short-changed. The ATO announced the rise, up from 72¢, last…
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Cryptocurrency is catching on fast in Australia and accountants need to be alert to the tax implications, says the ATO. Trades in cryptocurrency leapt 64 per cent in 2021 and the ATO is using data matching to make sure nothing slips through the net, acting assistant commissioner Sylvia Gallagher said last week. With more than…
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