Changes ahead for inactive super accounts: are you affected?
Got an old super fund account you haven’t touched for years? New rules mean “inactive” accounts (ie no contributions or rollovers for 16 months) will lose their insurance coverage from 1 July 2019 – unless you want to keep your insurance and take action now. Low-balance accounts may even be transferred to the ATO for […]
What work-related car expenses can employees claim?
Car expense claims are one of the most popular deductions claimed each year, but be aware of the rules! Generally, you can’t deduct travel costs between home and work, but you can claim for car travel between two different workplaces and also if you need to drive your own car as part of your job. […]
Are you declaring your “odd jobs” income from gig economy sites?
“Gig economy” platforms like Airtasker are allowing Australians to earn some extra cash by completing a huge range of odd jobs – from gardening to data entry and even standing in line for concert tickets! But you must declare the gross income from these “gig economy” platforms in your tax return and keep records of […]
Can my business claim the R&D incentive for software projects?
Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax incentive, even if you’re not a software developer but operate in a technology-focused industry such as manufacturing. However, the activities you claim for must genuinely meet the relevant tests – and the ATO says […]
Getting your small business ready for STP reporting
Have you sorted out Single Touch Payroll (STP) arrangements for your small business? If not, it’s time to get cracking! From 1 July 2019, STP reporting will become mandatory for all employers, including small businesses (ie those with fewer than 20 employees) that have previously been exempt. 1 July and 30 September for you to […]
ATO benchmarks – a handy business check-up
The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for over […]
Getting help with a financial services complaint
Do you need help resolving a problem with a bank, credit provider or superannuation fund? In a timely move following the royal commission into the banking, superannuation and financial services industries, the government has recently established the Australian Financial Complaints Authority (AFCA). AFCA provides a free and easy-to-access service for consumers and small businesses to […]
Three common CGT obstacles for homeowners
Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here we highlight three common scenarios in which a homeowner may face some CGT liability when it is time to sell. 1.Using your home to generate income: If […]
Are you declaring personal use of business trading stock?
Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the purposes […]
Working-from-home deductions for employees
If you are an employee and you sometimes work from home, you may be able to claim deductions for some of the expenses you incur, provided you are not reimbursed by your employer. Here, we consider two common types of expenses that employees may claim and how you must substantiate your deductions. Running expenses such […]
