The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from the 2019 income year). According to … Read More
The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return. The ATO … Read More
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has … Read More
For businesses accounting for income on the cash basis, delaying the receipt of income from May or June to July results in tax savings for two reasons: The income is included in the next financial year, not this financial year. … Read More
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help … Read More
The old adage “You don’t know what you don’t know” applies to many areas of life, including what you can claim on tax. Small business owners are generally well clued up as to what they can claim as a tax-deductible … Read More
Net Profit is King! Not Cashflow Economic researchers claim that 80% of businesses go out of business in the first 5 years and 50% in the first year. These percentages are staggeringly high. Most business owners think that cash … Read More
All Tradies know how important numbers are for their business success. In fact, without the ability to measure up the job and use these numbers to get the job done right, Bob the Tradie, who was the example we’ve used … Read More
Can you imagine what a Tradie would do without a measuring tape? If you’re in the building, plumbing or painting industry, having the right measurements is absolutely critical. Without the right measurements, doors and windows wouldn’t close, plumbing fittings would … Read More
Have you ever asked yourself: If you went away for a couple of months on holidays, or (heaven forbid) had an accident involving weeks in hospital, what would happen to your business? I’m sure you’ve had situations in your life … Read More