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ATO increases focus on rental property deductions

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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

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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

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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 […]

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Don’t forget: $20,000 write-off = ‘small business’ = less than $2 million ‘aggregated turnover’

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The budget announcement of the new $20,000 immediate asset write-off for small businesses is welcome, and the Tax Office has already published guidance on this yet-to-be-enacted accelerated depreciation measure. But it is perhaps timely to remind small business owners that access to the budget’s depreciation boost depends on being classified as a “small business” — […]

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Contractor Payments Data Matching Program

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The Australian Taxation Office (ATO) will continue to acquire details of entities that receive contractor payments from other businesses for the 2013-14, 2014-15 and 2015-16 financial years. This is the continuation of an ongoing program where data will be obtained from businesses that are subject to compliance activities conducted by the employer obligations area within […]

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10 technology mistakes small businesses often make (and how to avoid them)

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The technology and working life website Lifehacker says that while technology can streamline business processes, it can also create major problems. Lifehacker has come up with what it says are 10 of the most common mistakes, not necessarily in order, that small businesses make in IT. Thankfully, it also suggests how to avoid them. 1. […]

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Federal Budget 2015: Individuals

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There were few notable budget impacts for personal taxation. However, a couple of items are worth mentioning: Personal tax rates Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The levy will, as expected, cease at the end of the 2016-17 income […]

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Federal Budget 2015: Families

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Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were a few surprises contained in the pages of the budget papers. The budget announcement which will have the most significant impact on middle Australia is the child care reform package. What does the Budget mean for families? Child care […]

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Builders note: Change to your ‘taxable payments annual report’ lodgement

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Employers in the building and construction industry should be aware by now of their obligations when it comes to contractor tax reporting. If your business is primarily in the building and construction industry, you have an ABN and you make payments to contractors in the building and construction services, you may need to report the […]

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INFOGRAPHIC: The budget winners and losers

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  Charis Palmer is Deputy Business Editor at The Conversation. Emil Jeyaratnam is Multimedia Editor at The Conversation. This article was originally published on The Conversation. Read the original article.