March 17, 2020

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.

The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the...

March 12, 2020

This could be welcome relief for a number of business. Katrina is looking into the Stimulus Package and will advise what steps need to be taken in the near future. For now here is the highlights 

Cash flow assistance for businesses

  • $6.7 billion to Boost...

February 17, 2020

As part of the mid-year economic and fiscal outlook (MYEFO), the Government announced a proposal to tackle a lack of financial knowledge by allowing the Commissioner discretion to order taxpayers to undertake an approved record-keeping course instead of a...

February 3, 2020

With the bushfire ravaging parts of Australia throughout December and January, the ATO has expanded and extended the relief initially announced in November. Approximately 3.5 million businesses, individuals, and self-managed superannuation funds in identi...

January 6, 2020

The ATO has released the most common errors found in individual taxpayer returns, with a section of the guide targeting tax agent errors.

The two primary areas of concern are work related expenses and rental property deductions:

Work-related expenses

• Clai...

December 2, 2019

Taxpayers will be prevented from claiming a deduction for expenses incurred after 1 July 2019 for holding vacant land unless the costs are incurred in the course of carrying on a business of the taxpayer or certain related parties. There is no grandfather...

October 15, 2019

Is your business ready to take advantage of the pre- Christmas sales?

In 2018 Black Friday and Cyber Monday became the biggest sales week in Australian eCommerce history.

Watch the video from Kochie's Business Builders

September 24, 2019

The decisions in these two cases both relate to personal services income (PSI) and the operation of the personal services business tests.

Douglass

Douglass v FC of T [2019] FCA 1246

In Douglass, the issue was whether the taxpayer satisfied the results test t...

September 17, 2019

The ATO has released some specific guidance in relation to home-based businesses. The guidance deals with the issues that arise in the context of a range of different business structures, including where the business is operated by a sole trader or as par...

September 3, 2019

The ATO has warned that it will be focusing on whether taxpayers have disclosed all of the foreign income they may have derived. As a result of recent developments in information sharing programs with foreign tax authorities, the ATO has access to a broad...

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