By Westcourt Blogger Following an announcement in July, the Australian Government recently increased the 32.5 per cent tax threshold from $37,001 – $80,000 to $37,001 – $87,000. The new PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Australian Tax Office provides a range of tables… Continue reading Changes announced to ATO withholding amounts
By Westcourt Blogger The Australian Tax Office allows Australians who work at or from their home to claim a deduction for the additional expenses they incur from running their business. Generally speaking, the deductible expenses that can be claimed are divided into two categories; occupancy expenses and running expenses. Occupancy expenses: relate to’the place of… Continue reading Home-based work expenses
By Westcourt Blogger New PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Government announced in July that the marginal tax rate of 37 per cent, for individual taxpayers, will start at $87,000 instead of the current $80,000. This means the 32.5 per cent tax threshold… Continue reading New PAYG withholding rates
By Westcourt Blogger The Australian Tax Office has launched a new initiative called Super Scheme Smart to help educate individuals about the pitfalls of certain retirement planning schemes and how to protect their retirement nest egg. Each year the ATO discovers complex tax schemes and arrangements designed by promoters solely for the purpose of helping… Continue reading ATO launches Super Scheme Smart
By Westcourt Blogger As the countdown begins to Australia’s tax return lodgment date, many individuals in the country may be hurrying to find a few extra possible tax deductions to claim. However, in the rush before the deadline, it is important not to waste time claiming deductions for expenses or items that are commonly thought… Continue reading Five expenses you can’t claim as a tax deduction
By Westcourt Blogger The small business company tax rate has been reduced from 30 per cent to 28.5 per cent. The new lower rate applies to small businesses that are corporate unit trusts and public trading trusts. When completing company tax returns, use the new rate of 28.5 per cent on calculation statements at label… Continue reading Small business company tax rate reduced
By Westcourt Blogger The ATO has recently provided recommendations for self-managed super funds (SMSF) trustees with related party LRBAs that are lodging before the 31 January 2017 compliance deadline. The Tax Office stated that the relevant income of an SMSF is considered NALI (non-arm’s length income), and should be reported as such in the SMSF’s… Continue reading ATO advice for SMSFs with related-party loans
By Westcourt Blogger Individuals can minimise capital gains tax (CGT) when selling an investment property where proceeds are contributed to superannuation. Those who sell their property can contribute up to $500,000 as a non-concessional contribution into their superannuation, which means that no tax will be payable. Non-concessional contributions, or after-tax super contributions, are super contributions… Continue reading Converting property into super
By Westcourt Blogger The ATO is currently targeting work-related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims.… Continue reading ATO crackdown on work-related expenses
By Westcourt Blogger The ATO has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds (SMSF). The Tax Office has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a… Continue reading ATO warns pre-retirees on SMSF tax schemes
