As seen in Woopi News May 2024 As we approach the end of financial year, people tend to start thinking about ways to save tax but as I say every year, if you don’t need it, don’t buy it just to save tax. If you spend $100 and claim that item, you are not getting the...
To barter or trade products or services may seem like a good idea at first, but there is a minefield of reasons why business owners should avoid bartering.
Over the last 12 months many Sole Trader ABNs have been cancelled without prior notice. Generally, this is because the ABN holder hasn’t included business income in their Individual Tax Return for a few years.
Business owners are often faced with the question; should I employ someone or contract the work out. We’d all like to think this is a choice businesses are free to make but think again as the ATO is looking to tighten the rules for businesses who engage “subcontractors”.
It is important that business owners understand the tax implications when they dispose of a motor vehicle.
The Australian Taxation Office have released data that 90% of Tax Returns containing a residential property rental schedule have contained at least one error.
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...
The ATO has announced changes to the fixed rate method for the 2022/23 income year onwards to a 67c an hour rate which replaces the previous 52c hybrid method rate and the 80c pandemic shortcut rate.
In the digital world that we now live in people need to be aware of the warning signs of phone, email and SMS scams.
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.
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 tax return.