Rental Properties – what records do I need to bring?

Below is a list of recommended documents and information that you need to bring in relation to your rental property. Questions I will ask: How many weeks was the property rented for this financial year? Was it available for rent the entire year? Was there any private use of the property? Was the loan/mortgage re-financed […]

Records for claiming work-related expenses

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly […]

The ATO’s “living expenses” tool to help tackle the cash economy

It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, it has settled upon certain “averages” of what constitutes […]

The budget’s boost to instant asset write-off is now law

The budget’s boost to instant asset write-off is now law Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent. (And it did so on […]

Single Touch Payroll

Single touch payroll rollout for smaller employers A major change in the way employers report the tax and super information for their employees to the ATO have been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO […]

2019 Federal Budget Summary

Federal Budget 2019 The Treasurer Josh Frydenberg’s first budget has lots of goodies with few “baddies”. This was to be expected with the next federal election only weeks away and the Coalition Government trying to make up ground in the polls. The Treasurer’s “wow” factor was a return to a budget surplus of $7.1 billion for […]

What is the ‘tax gap’? And how does the ATO measure it?

What is the ‘tax gap’? And how does the ATO measure it? Every year, the ATO measures its revenue and compares that total against the amount of revenue it should have made were every taxpayer fully compliant. As you may expect, very often the two numbers are different. And it is this discrepancy that has […]

The new “consumer” rules for GST and online purchases

Australians have been taking full advantage of the offerings on the digital marketplace with gusto for years now, but it has only been relatively recently that the rules for goods and services tax (GST) have caught up. With the purchase of digital products such as the streaming or downloading of movies, apps, and e-books and […]