The ATO has commenced in education program along with random audits of taxpayers claiming work related expenses.
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The message from the #ATO is loud and clear. Get #taxadvice or face the #penalties for getting your tax liabilities wrong
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With the meteoric rise in value of digital currencies such as Ripple, Litecoin and the widely popular Bitcoin, I decided to put together an article to address some often overlooked tax issues associated with crypto currency trading or investing
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Government to address housing affordability by tackling the negative gearing of rental properties
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Help AF Tax raise some needed funds for kids with Acquired Brain Injuries at the McKellar Centre.
Come and have your tax return done before Friday 24th August and we will donate $20 from your tax return fee to this fantastic cause!
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With Tax Time looming, it pays to be prepared. For most people, their annual tax refund is the single biggest lump sum payment they receive each year.
Unfortunately not all tax payers will do it correctly. With the ATO conducting over 45,000 audits each year and adjusting near $1 billion in over claimed expenses.
So what should you do to maximise your tax refunds?
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From 1 July 2017, the ATO will be reducing how much GST information you need to report in your BAS, so you’ll save time. Simpler BAS will be the default reporting option for businesses with a GST turnover of less than $10 million.
The new regime for entities turning over less than $10m only requires 3 fields to be completed. G1 Total Sales, 1A GST on Sales and 1B GST on Purchases.
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Proposed changes to depreciation expenses in the 2017 Federal Budget will restrict deductions to new plant and equipment assets fitted to new homes only. Subsequent owners who purchase a property after 9th May 2017, will not be able to claim depreciation on existing plant and equipment assets.
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Each new employee you hire will need to complete a Tax file number declaration. This allows you to work out the amount you withhold from payments to the employee.
Here's a helpful link for employers and employees who need a new Tax File Declaration form.
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