Laundry on a rack

ATO targeting false laundry claims

The ATO will target false clothing and laundry work-related expense claims this Tax Time. In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant Commissioner Karen Foat said although many Australians can claim…
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Tax cuts become law - piggy bank

Tax cuts become law

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the…
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Single Touch Payrolls

Single Touch Payroll

Understanding STP obligations Single Touch Payroll (‘STP’) is a Government initiative aimed at cutting red tape for employers and improving visibility of compliance with business obligations such as: salary and wages and similar payments; Pay As You Go (‘PAYG’) withholding;…
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What The Super Housing Measures Mean For SMSFs

The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of…
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The Federal Budget

2018 Budget Update

The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to…
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ALP Announces Massive (Potential) Changes To Trust Taxation

The Leader of the Opposition, Bill Shorten, has announced that a Labor Government (should they be elected) will introduce a standard minimum 30% tax rate for discretionary trust distributions to “mature beneficiaries” (i.e., people aged 18 and over). Although the…
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ATO Warning Regarding Work-Related Expense Claims For 2017

The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase…
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Who is Assessed on Interest on Bank Accounts?

As a general proposition, for income tax purposes, interest income on a bank account is assessable to the account holders in proportion to their beneficial ownership of the money in the account. The ATO will assume, unless there is evidence…
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Fringe Benefits Change For Tax Offsets From 1 July 2017

The ATO has issued a reminder that the government has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of ‘adjusted fringe benefits total’ (which is used to…
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