‘Tax’ Category:

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Tidy Record Keeping

If you have multiple payments or receipts for the year, why not use a spreadsheet to help keep you organised. avance has available both PAYMENTS and RECEIPTS spreadsheets that can be emailed to you. This will make your job a…

Business Portal retires at the end of July 2021

Did you know that the Business Portal will be retired at the end of July 2021? This service has been your trusted portal for your business needs for over 17 years. The ATO had previously said it would continue to…

Taxable Payments Annual Report (TPAR)

What is TPAR? TPAR is an industry specific report which businesses need to use to report total payments they have made to contractors or subcontractors. This amount is then reported to the ATO each year. From there the data will…

ATO warns on ‘copy/pasting’ claims

The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. “You can’t simply copy and paste…

Limit on a deduction for the decline in value of second-hand depreciating assets

If you use second-hand assets to earn rental income from your residential rental property, you cannot claim a deduction for their decline in value unless: you are using the rental property in carrying on a business (including a business of…

The 2021-22 Federal Budget: The Balancing Act

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing…

Primary Producers – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the last part of this eight-part…

Individuals – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the seventh part of this eight-part…

Trusts – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the sixth part of this eight-part…

Luxury Car Tax Changes

There have been recent changes made to the Luxury Car Tax (LCT) that affect all luxury cars in Australia. LCT is an additional tax and charged at a rate of 33% on top of the cars retail price once it…

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