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Deduction for COVID-19 test expenses
From 1 July 2021, if you're an employee, sole-trader or contractor and you have paid for a COVID-19 test for work-related purposes, you can claim a deduction.[/vc...
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MARCH 2022 BUSINESS ACTIVITY STATEMENT (BAS)
ATTENTION - Business Owners registered for GST, Taxi Drivers, Individuals part of Ride sharing platforms such as Uber, Ola and DIDI. Business Activity State...
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SUPERANNUATION GUARANTEE PAYMENT
Attention Employers: The next quarterly super guarantee payments are due to your employees’ super funds by 28th April 2022. This payment will cover superannuat...
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Removal and Relocation Costs
You can't claim a deduction for removal or relocation costs you incur to transfer or relocate for work purposes. Even if relocating is a condition of your employm...
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Director Identification Number (Director ID)
A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director ident...
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Operating Business from a property owned by your SMSF
This is a very popular wealth creation strategy used by some business owners to invest for their retirement by renting their business premises owned by their ...
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Side Hustle or Side Business
Side hustles are front of mind this tax season The Australian Taxation Office (ATO) is reminding Australians that it is paying close attention to undeclared in...
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Gifts and Donations
You can only claim a tax deduction for gifts or donations to organizations that have the status of deductible gift recipients (DGRs). The person that makes the...
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Popular Cryptocurrency Related Tax Time Questions
Are cryptocurrencies taxed in Australia? Yes, the Australian Tax Agency (ATO) has issued official guidance confirming that cryptocurrency is taxed as a capital...
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Taxable payments annual report (TPAR)
If your business makes payments to contractors or subcontractors, you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. The tax...
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Tax on superannuation contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super con...
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EOFY last-minute tax accountants strategies
Pre-pay investment loan interest If you have some savings, then see if you can negotiate with your finance provider to pay interest on borrowings upfront for t...
