‘Tax’ Category:

With the festive season nearly here, many workplaces will be putting on a Christmas party or the like for their employees, and who doesn’t like a meal and drink on the boss! However, businesses must be mindful of scenarios that…

On the 9th of May 2023 the government announced a lodgement penalty amnesty program for small businesses to encourage them to re-engage with the tax system and get their obligations up to date. To be eligible for the amnesty the small…

What records should you keep to help you report your investment income accurately and claim tax deductions? What records to keep Generally, for investments you will need to keep your records for 5 years after the ATO have processed your…

On 9 February 2022, the High Court handed down two landmark decisions regarding the distinction between employees and independent contractors. In response, the Australian Taxation Office (ATO) released Draft Taxation Ruling TR 2022/D3: Income tax: pay as you go withholding…

You can claim a deduction for a gift or donation you make to an organisation if it meets 4 conditions: you make the gift or donation to a deductible gift recipient (DGR) it must truly be a gift or donation…

Each income year you need to assess your personal circumstances to work out if you need to lodge a tax return. Reasons you need to lodge a tax return may include if you: had any tax taken out (withheld) from income…

From July 2023, the details reported from your Single Touch Payroll (STP) will be used to pre-fill data at labels W1 and W2 on your employer ATO Online business activity statements. ATO PAYG withholding pre-fill will be available from: July 2023…

The Government has amended the law to remove the $250 non-deductible threshold for self-education expenses (by repealing S.82A of the ITAA 1936) from 1 July 2022 (i.e., from the 2023 income year).  This will make it simpler for individuals to…

Australia’s most popular tax cut is coming to an end and it’s going to make the cost of living even harder to handle. If your taxable income is below $126,000, please be aware that the Low and Middle-Income Tax Offset…

To ensure you don’t miss out on the Family Tax Benefit or Child Care Subsidy, confirm your income now for the 2021/22 year. You need to confirm your income by lodging your tax return for the 2021/22 year, or advising that you do not…