AF Tax News

Managing cash flow is a critical part of business success. Lets take a closer look at cash flow vs budget reports!

The ATO has commenced in education program along with random audits of taxpayers claiming work related expenses.

As cryptocurrencies continue to lure investors and make them fortunes – or not – authorities around the globe are assessing how to treat altcoins for tax purposes

The message from the #ATO is loud and clear. Get #taxadvice or face the #penalties for getting your tax liabilities wrong

Thinking of starting a #smallbusiness? These 5 steps will help you get your #businessplan together.

Buying an investment property in your SMSF? Make sure you get independent investment advice from a licensed financial planner, not the property salesman!

Bad debts are painful. Here's 4 tips to minimise risks of bad debts in your business.

Government to address housing affordability by tackling the negative gearing of rental properties

Official interest rates are left on hold at 1.5 per cent for the 12th consecutive month.

Study identifies that 55% of business failures were caused by “inadequate, inaccurate or non-existent books and records”.

Freedom to enjoy a work-life balance is one of the key reasons why people start their own business. Ironically, a 2015 study by Xero found that over half of small-business owners surveyed said they had not taken a holiday in over a year.

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!

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?

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.

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.

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.