‘Tax’ Category:
Categories: All, Accounting adjustments, Advice, GST Credit, GST credit claims, JobKeeper, Legacy, News, Super, Tax, Tax Rates, Technology,
COVID Tests will now become tax deductible in 2022 following Government announcement
The federal government has announced it will make COVID-19 tests tax-deductible for Australian individuals and exempt from fringe benefit tax (FBT) for businesses when they are purchased for work-related purposes. This means that for every COVID-19 test you pay for in order to…
Medicare Levy Surcharge
What is the Medicare Levy Surcharge? The Medicare Levy Surcharge is a charge some medium and high-income earners pay in addition to the Medicare Levy. Like the Medicare Levy, the surcharge is to help pay for the public health system and…
Applying for a TFN
A Tax File Number (TFN) is free and identifies you for tax and superannuation purposes. It's yours for life. You keep the same TFN even if you change your name, change jobs, move interstate or go overseas. If your details…
Claiming a tax deduction for expenses for a home-based business
If you operate some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses in the following categories: occupancy expenses - such as mortgage interest or rent, council rates, land…
Accounting Jokes
Accountants have often been hit with the ill flattering stereotypes of being boring and humorless. Well here at Avance, we love nothing more than to have a good laugh, even if it is at our own expense - no pun…
Sale of Financed Vehicle (GST Registered Business)
If you sell a business vehicle that is financed, and the sale proceeds are used to payout the finance owing on the vehicle, you still need to remit GST on the total sale price. There is no Input Tax Credits…
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…
