A Guide: Business Home Office Tax Deductions
Operating your business from home has become a prevalent aspect of modern work life. However, many are unaware of the potential tax deductions available to individuals and businesses in Australia who operate from their home offices. This article provides a comprehensive guide to understanding and claiming home office tax deductions in compliance with Australian tax […]
PAYG Instalments: A Beginner’s Guide
Pay as you go (PAYG) instalments are imposed by the ATO as a system for regular payments towards your expected annual income tax liability. It applies when you earn business or investment income over a certain amount. The Tax Office will notify you, or your tax accountant on your behalf, if you need to start […]
Live-in landlord Tax Deductions: What you should know
Whether you are a live-in landlord or interested in renting or leasing rooms in your home, this article is for you! We will cover some important tax basics for live-in landlords. Live-in landlords are common these days, as more and more people lease out rooms in their home. It can help pay the mortgage, cover […]
Skills and Technology Boost
How does it work? As part of the technology investment boost, small businesses are eligible to claim a deduction equal to 20% of eligible costs incurred in relation to business expenditures and depreciating assets to support their digital operations, with a maximum deduction of $20,000 per year. This boost allows some small businesses to claim […]
Common small business tax mistakes
Common small business tax mistakes Small businesses often experience the most stress during tax season, but making these common mistakes will make things worse. Not isolating GST, PAYG, and superannuation guarantee withholding Your business is likely required to withhold GST, PAYG, and superannuation guarantee liabilities. These funds should never be used to pay down outstanding […]
Halving PAYG and GST instalment adjustment for small businesses – Essential Info
Halving PAYG and GST instalments for small businesses. The 2023-2024 federal budget promises to boost small business cash flow. As part of the measure, Pay As You Go (PAYG) and goods and services tax (GST) instalments will be reduced, giving small businesses more freedom to use their cash when and how they wish. Small businesses […]
ATO is Chasing Small Business for Tax
As it pursues $30 billion in tax debt, the Australian Tax Office is reminding small businesses of an amnesty on penalties on unfiled income tax returns, fringe benefits tax returns, and business activity statements. A tax amnesty will apply to tax obligations due between December 2019 and February 2022 and will expire in 2023. Small […]
It’s FBT Time!
Your 2023 fringe benefits tax returns (FBT) must be filed and paid if you provided fringe benefits to employees including owners between 1 April 2022 and 31 March 2023. These are important dates to mark in the calendar: Fringe Benefits tax applies when an employer provides a private benefit to an employee including an owner […]
Div 293 tax: what is it and how does it affect you?
Div 293 tax is applied if you earn over $250,000 in 2021/22 and have concessional super contributions. If you make over $250,000, you will pay an additional 15% tax on concessional super contributions. What is the process? A 15% tax may apply to some or all of your concessional contributions (CCs) if your adjusted taxable […]
Commercial Vehicle Update from the ATO
The ATO has finalized a guideline concerning the “minor, infrequent, and irregular” use of motor vehicles that are exempt from Fringe Benefit Tax (FBT). There are several notable changes from the draft guideline previously released by the ATO. Businesses that provide their employees and directors with utes, vans, and similar exempt vehicles may be affected […]
