When it comes to business, cash (flow) is king. As part of your yearly tax planning activities with your accountant or business adviser, you should be kept abreast of opportunities to capitalise on government measures designed to support the small business sector. The federal government’s $20,000 instant asset write-off scheme, introduced in the 2015 Federal Budget, allows businesses to immediately deduct the full value of every asset purchased (subject to conditions) to the value of $20,000, … [Read more...] about Are you eligible for the $20,000 instant asset tax write-off?
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider. Examples of sharing economy services include: ride-sourcing – providing taxi travel services to transport passengers for a fare; renting out a room or a whole house or unit on a short term basis; renting out parking spaces; or providing personal services, such as web or trade services, or completing odd jobs, errands, deliveries, etc. As is usual … [Read more...] about Tax implications for the sharing economy
Your important documents may be sent to the myGov secure website The ATO has a stated aim of reducing paper and instead sending refunds and activity statements electronically. This will be done securely via the myGov federal government website, where your documents will be stored and can be retrieved at any time. What is myGov? myGov is a fast, simple way to access government services online. A secure myGov account lets you link a range of Australian Government services with one … [Read more...] about ATO going paperless – how you may be affected
Can you smell it? Yep, fear. As 30 June approaches, people start thinking about the dreaded 'T' word. Well, help is at hand. Below are a few tools that will not only help you maximise your deduction, they also provide some great tips to simplify and streamline your affairs: Get smart and save at 30 June: some things that all business owners and individuals should consider before and immediately after 30 June. Some will help streamline your affairs and make things more efficient, and … [Read more...] about Cool tools to help you at Tax Time