Tax & Accounting

The SMSF annual return for 2019 has a number of new questions and labels that SMSF trustees need to be aware of. In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if the only…

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when claiming these deductions. For example, the ATO has already flagged that it will be checking returns for taxpayers who take advantage of the exemption from…

If you’re a Fly-In Fly-Out (FIFO) worker, there a number of tax rules and deductions available to you. We have summarized a list of tax deductions.   Zone Tax Offset To be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote or isolated area of Australia for more than…

When investing in property, it is not only essential to choose the right property; you will also need to be aware if you use your property to earn income at any time, you will have tax obligations and entitlements. Below are some tips to help you get it right at each stage of the journey….

If you think the ATO got it wrong, here’s what you can do You are allowed to take issue with the ATO if it disagrees with your self-assessment of your tax position. If you believe the ATO’s assessment is incorrect, the first step is straight forward and fairly informal. You contact us and we start…

Taxi drivers are considered as self-employed. If you’re a taxi driver and you’re not employed by someone else, you must: register for GST – regardless of how much you earn only claim GST credits related to your work lodge business activity statements (BAS) monthly or quarterly (you can’t choose to lodge annually) pay your net…

If you earn your income as an employee nurse, midwife or direct carer, this information will help you to work out your available tax deductions.   Agency commissions and agency fees You can claim a deduction for commission payments you made to a nursing agency. Annual practising certificate fees You can claim a deduction for…

If you are a security guard, you may be able to claim deductions for your work-related expenses. Work-related expenses are expenses you incur on items used to earn your income as a guard or security employee. Car Expenses You can’t claim a deduction for the normal trips between your home and work. You can claim:…

If you employ or plan to employ working holiday makers in Australia, you might need to read this paper. What is a Working Holiday Visa ? Working Holiday visas are designed to allow young people between the ages of 18 and 31 to travel to Australia for an extended holiday, and support themselves by working…