Business fundamentals include reliable cashflow, tax planning and effective systems. These are instrumental for getting through the tough times, but even more importantly, for being ready to capitalise on opportunities when they come. Here we overview the business fundamentals you need to have in place …
The Federal Government has reinstated the Pandemic Leave Disaster Payment until 30 September 2022.
A recently issued Tax Determination affecting Discretionary Trusts and corporate beneficiaries may have implications for how family groups distribute income.
The ATO focus is on four major concerns relating to rental properties this tax season.
The ATO is warning taxpayers to not engage in ‘asset wash sales’ or other forms of tax avoidance to artificially increase their losses to reduce gains (or expected gains).
The ‘cents per kilometre’ rate change has been implemented by the ATO for individual car expenses for the 2023 income year, from 72 cents to 78 cents per business kilometre.
The ATO will target SMSFs that fail to lodge annual returns or ignore ATO reminders with a targeted compliance campaign.
The ATO has announced areas of focus for small business tax returns will include deductions that are not related to business operations, omission of business income and insufficient record keeping practices.
The ATO is warning taxpayers about GST fraud and to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds.
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.