Accounting
The ATO Is About To Send Letters To Airbnb Hosts Over Unreported Income
The Australian Taxation office is cracking down on those who rent out all or part of their property on Airbnb, or similar platforms, without reporting the income they receive. Over the coming weeks the ATO will send stern letters warning Airbnb hosts to report their income correctly. These letters will also outline what those who…
How To Claim An Extra $25.80 in Fuel Tax Credits per 100 Litres of Fuel
*FTC rates in this article apply for the period 5 August 2019 to 31 January 2020 Many businesses claim Fuel Tax Credits (FTC) on the vehicles they use in their day to day operations. FTC’s assist businesses by providing a credit on their BAS depending on the amount of eligible fuel used each period.…
How to Properly Recognise Income in Your Medical or Dental Practice
We’ve got some fantastic clients in the medical industry. When we get a new client in this industry, we see the same issues popping up every now and then. One of these issues is the way that income is recorded in the books of the business, and subsequently, how it is recorded on the BAS…
Advantages and Disadvantages of Using a Family Trust for your Business
A trust is a type of business structure often used by family businesses. In this structure, a trustee, who is either an individual or a company, will carry out the operations of the trust on behalf of the beneficiaries. Governing the trust is a Trust Deed which details all the rights and obligations of all…
How To Get Your PAYG Withholding Obligations Right
The rules have changed for pay as you go (PAYG) withholding. There are now changes to the rules surrounding claiming deductions on payments to your employees. As a small business owner, it is important that you keep up to date with and understand what changes have been made. Here is the rule change: What has been changed? …
Changes To QBCC Annual Reporting Requirements for Building & Construction Licence Holders
Written by Elle Sweeney What are the New QBCC Reporting Requirements? Phase 2 of the new minimum financial requirements (MFR) began on 1 April 2019 which requires licensees to report their financial information to QBCC annually (as was the case prior to 2014). The changes aim to improve the standards of financial reporting…
What You Can And Cannot Claim On Rental Property Expenses
To assist property investors there are many great deductions that you can take advantage of that will make your investment property far more affordable. However, often the claims that should make sense in the real world are not considered acceptable by the ATO. This can make claiming the correct tax deductions complicated for many property investors. You should always talk to your accountant…
Why The Government Is Stopping Businesses From Accepting Cash Payments Of $10,000 Or More
As of January 1st, 2020, the Government intends to stop businesses making or accepting payments at or over $10,000. This will mean all payments exceeding the limit will need to be made electronically or by cheque. Ignoring this limit will become a criminal offence, you could potentially face penalties up to 2 years in prison and/or a $25,000…
GST and Income Tax for Rideshare Drivers
Driving for a ridesharing service means that you are running your own business. Because of that you will have some tax obligations that you must fulfil throughout the year. As a rideshare driver you are not an employee or contractor of your specific rideshare operator – whether it be Uber, DiDi, Ola or various others. Therefore, you…
What Not to Leave Out of Your 2019 Tax Return
The ATO is constantly improving their data matching abilities. Leaps in technology and big data mean that the 2019 tax year will see the ATO have access to more information than ever before. The ATO is constantly collecting information about you from a variety of sources – while this means efficiencies when it comes to providing…