As part of the Morrison re-election promise and originally introduced in the 19/20 Budget, millions of Australians may be entitled to a new offset that is effectively equivalent to a tax rebate of up to $1080.
As the end of the financial year fast approaches, it makes good business sense to turn your attention to ways of minimising your tax legally.
Single Touch Payroll: From 1 July 2019, employers who employ less than 20 people will be required to change the way they report wages and superannuation to the ATO.
As the start of the year has well and truly commenced and the long hot summer holidays are slowly drawing to a close, it is time to consider how recently graduated students from the arts schools might launch themselves in to their career.
From 1 July 2019, employers employing 20 employees or less will have to submit their payroll information directly to the ATO via their payroll software system.
From 1 July 2019, businesses seeking to tender for Commonwealth Government procurement contracts over $4 million (inclusive of GST) will be required to provide a statement from the ATO that indicates that they are compliant with their tax obligations.
In a report dated July 2018, the Australian Tax Office (ATO) indicated that there has been a large increase in the claims being made by individuals for work-related expenses.
Motor Vehicle Claims to be scrutinized by the ATO. The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses.
Just a friendly reminder that for those clients who wish to lodge their 2017 tax returns without incurring any nasty penalties and fines, you have up until May 15 this year to do so. Please arrange to send your paperwork in to Lowensteins or, alternatively, make a time to see one of our accountants to get this tax return all sorted before the due date of 15 May 2018.
The Government has released draft legislation that seeks to put into effect the changes for rental property claims, as foreshadowed in the last Budget.