Superannuation guarantee amnesty bill passed by Parliament

Superannuation guarantee amnesty bill passed Parliament on 24 February 2020 and has now received Royal Assent and is law.   This law change provides a number of incentives for employers to pay any unpaid historical superannuation guarantee (SG) amounts relating to the period 1 July 1992 to 31 March 2018.   Superannuation guarantee amnesty benefits […]

Cash versus Accrual Accounting

    Accounting methods for business income The amounts you include as your assessable income in any income year depend on whether you account for your income on a cash basis or accruals basis. Don’t confuse these two accounting methods with the two types of GST accounting methods (cash and non-cash). You need to account […]

TAX TIME MYTHS VS FACTS

    TAX TIME MYTHS VS FACTS   Here are some of the most common MYTHS relating to tax deductions –   Myth: I can claim home to work travel because I need to get to work to earn my income.   Fact: For most of us, home to work travel is a private expense. […]

ATO expects many laundry claims will be disallowed this tax time

    ATO expects many laundry claims will be disallowed this tax time   ATO has flagged that it will be checking returns for taxpayers who take advantage of the exemption from keeping receipts when spending less than $150 on laundry expenses. The ATO believes that too many people are claiming this without incurring the […]

Tax deductibility of ‘non-compliant’ payments

Tax deductibility of ‘non-compliant’ payments   From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.   If the PAYG withholding rules require a business to […]

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