2021 Tax Tips – What you may be able claim

The tax season is a time some people look forward to as they have paid their taxes all year and are looking to get a nice refund to compensate for all the tax deductible expenses they have paid throughout the year. You now need to think about any work related expenses that you have paid Read More

JobKeeper – Sole Trader Frequently Asked Questions

The Australian Government passed legislation on 8 April 2020 making the JobKeeper subsidy a reality for struggling businesses. What is the JobKeeper subsidy? JobKeeper is a subsidy administered by the ATO and paid to businesses that have experienced a downturn of 30% or more due to COVID-19. Businesses are eligible to receive $1,500 per fortnight Read More

Payment summaries have changed!

You may have heard of Single Touch Payroll (STP). Single Touch Payroll is a new way of employers reporting payroll activity such as your wage, tax withheld and superannuation to the ATO. Historically, employers have reported this information to the ATO in an annual payment summary report, and hence provided employees with an annual payment Read More

What is the ATO focusing on in the 2020 Tax Returns?

As technology develops and strengthens, so does the ATO’s scope in finding dodgy deductions. The ATO have recently advised that their data-matching skills have drastically improved over the last couple of years, hence recent warnings issued focused on work related expense claims. The ATO focus on certain hotspots at tax time to investigate taxpayers who Read More

How to pay less tax by contributing to super

As of 2017, almost all tax-payers can make a private, personal contribution into their superannuation fund and then claim the contribution as a personal deduction when they do their tax return. You can contribute any amount provided that your total concessional contributions are not more than $25,000 in a particular year. Remember, the compulsory 9.5% Read More

ATO data matching improvements

The ATO have been hounding lately that they have drastically improved their data matching capabilities. Basically speaking, this means that the ATO will electronically match their data holdings with various different state and territory authorities. If their is a variance between the two forms of data, the ATO may question this and ask you for Read More