Blog
Residential Investment property – ATO Data matching and increased Audit focus
As seen in Woopi News July 2023 The Australian Taxation Office have released data that 90% of Tax Returns containing a residential property rental schedule have contained at least one error. Common errors include the incorrect treatment of purchase related capital...
2023 Federal Budget Update
As seen in Woopi News June 2023 While some Budget announcements do not require legislation and apply immediately, it’s important to remember that not all announcements that require legislated will be passed. One budget announcement that us Accountants and many small...
Upcoming tax and super changes from 1st July 2023
As seen in Woopi News May 2023 The end of the low and middle income tax offset. Starting back in the 2018/19 financial year and extended throughout the pandemic, the low and middle income tax offset reduced tax payable by between $255 - $1080 for individuals earning...
Working from home? ATO changes the fixed rate method of claiming a deduction for home office expenses.
As seen in Woopi News April 2023 Many taxpayers are familiar with claiming their working from home (WFH) expenses, especially during the pandemic period. WFH expenses can be claimed using one of two methods, the actual cost method or the fixed rate method. The ATO has...
When buying an investment property which name should it go in?
As seen in Woopi News March 2023 Often clients come to us at tax time with; we purchased an investment property this year and we need to include the rent in our tax returns. Sometimes, people are disappointed with the result, as they believed the property was going to...
Cashflow
As seen in Woopi News January 2023 Cashflow can make or break a business and with raising costs, cashflow is no doubt becoming a problem for a lot of businesses. If you are running a business, you should know how your business is performing. It’s impossible to make...
Limitations of the Capital Gains Tax Main Residence Exemption
As seen in Woopi News January 2023 Generally, when you sell a property that has been your home you may be entitled to a capital gains tax exemption or partial exemption. There are however some limitations to this exemption. When selling rural land, it’s important to...
Be Aware of ATO Scams
As seen in Woopi News December 2022 Scammers often pretend to be from trusted organisations such as the ATO and will try to trick you into paying money or giving out your personal information. In the digital world that we now live in people need to be aware of the...
ATO Focus on Record Keeping and Work Related Deductions
As seen in Woopi News November 2022 Following on from last month’s article about the ATO’s focus on rental properties, other areas that the ATO are focussing on for the 2022 tax year is record keeping and work related expense claims. It’s important you rethink your...
ATO Focus on Rental Properties
As seen in Woopi News October 2022 The ATO has issued a release highlighting rental properties as one of its focus areas for the 2022 tax year. It’s an area that is easy to get wrong and extra care needs to be taken when including a rental property schedule in your...
Electronic Invoicing (or eInvoicing) is being rolled out, what does this mean for businesses?
As seen in Woopi News September 2022 Australia and New Zealand have been discussing adopting the Pan-European Public Procurement Online (Peppol) network for some years now. Peppol eInvoicing is a new channel for electronically sending invoices that is an accurate,...
COVID and Natural Disaster Payments – What’s Taxable and What’s Not?
As seen in Woopi News August 2022 Pandemic Leave Disaster Payment – taxable payment. The amounts received were either $450 or $750 depending on the hours of work lost. This payment was to support individuals in certain states who couldn’t earn an income because either...
