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3 reasons why Uber drivers need tax professionals right now

As far as the Tax Office is concerned, Uber drivers are taxi drivers. They’ve just enforced rules that lump the disruptive ridesharers in with a special class of independent contractors who have to pay GST and withhold tax from all their takings. That’s only the beginning of their obligatory gauntlet, though. Many Uber drivers have […]

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Is franchising still worth it?

7-Eleven and the franchising sector have been in the headlines lately, but for all the wrong reasons. Allegations of wage theft have surfaced, and further claims that a “half-pay scam” had the complicit involvement of senior management. The claims include fiddling with time sheets, “ghost” workers, nil penalty payments and alleged rates of as little […]

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R&D Tax Incentive claims: The good, the bad, the dodgy

The Tax Office warns that it is working closely with AusIndustry to identify taxpayers involved in aggressive R&D Tax Incentive arrangements. It says some claims made for the R&D incentive have been negligent on the compliance requirements generally expected when making a claim, with some other instances even bordering on tax avoidance and fraud. The […]

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Cash economy: The ATO has its own idea about your living expenses

The ramifications of Australia’s “cash economy” is a pebble in the Tax Office’s shoe that it is constantly looking to dislodge. One of the tools that it has developed to achieve this is a set of guidelines looking at an average taxpayer’s household expenses. The Tax Office has made these guidelines available to the public […]

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The deductible cuppa

  Did you know…. ?? Providing morning and afternoon teas and light refreshments to employees (or their “associates”) at the employer’s business premises or worksite is tax-deductible to the employer. The same applies if the business provides such refreshments to visitors. The Australian Taxation Office has ruled that this is not “entertainment”. If the business […]

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Telstra’s 2014 share buy-back: its impact on 2014-15 tax returns

In 2014, Telstra announced that it would undertake an off-market share buy-back, with the buy-back results announced on October 6, 2014. The Tax Office says participating shareholders are taken to have disposed of their shares accepted under the Telstra buy-back at that date (CGT event A1). It has released a fact sheet giving advice for Australian […]

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Single Touch Payroll put on back burner

Since the announcement of Single Touch Payroll late in 2014, the government says it has been working closely with both software developers and businesses to help it understand the affects the initiative will have in the real world. Feedback to date has informed government that the proposed start date of July 2016 will simply not […]

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ATO increases focus on rental property deductions

The ATO will have an increased focus on rental property deductions this tax time and is encouraging rental owners to double-check their claims are correct before lodging their tax return. In particular, the ATO is paying close attention to: excessive deductions claimed for holiday homes, husbands and wives splitting rental income and deductions for jointly […]

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Get set for a 2.5% wage increase

Last week the Fair Work Commission announced a 2.5% increase to minimum wages. The increase will apply from the first full pay period starting on or after 1 July 2015. According to the website fairwork.gov.au, they are working on updating the pay tools with the new pay rates. The increase only applies to employees that […]

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Work-related car expense claims simplified

The federal budget has confirmed a foreshadowed change to the way work-related car expense deductions are calculated. Work-related expenses are the most common-claimed tax deductions, with the Tax Office reporting that around seven million Australians make such claims in any tax year – with one of the most common components being car expenses, with nearly […]