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Tax

Tax

Breaking down business industry codes

By On October 9, 2019

A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard… Read More

Tax

Claiming travel expenses relating to rental properties

By On September 30, 2019

When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The law about claiming travel expenses for rental… Read More

Tax

Are you meeting the Active Asset Test?

By On September 24, 2019

To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own it and it is… Read More

Tax

New industries included under TPAR 

By On September 18, 2019

The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contractors to provide the service. The extension was approved on 1 July 2019.… Read More

Tax

What is a CGT event?

By On September 10, 2019

Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. The timing of a CGT… Read More

Tax

Reestablishing lost or damaged records

By On September 6, 2019

Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable. In the event that your records have been… Read More

Tax

Non-compliant payments to workers no longer tax deductible

By On August 30, 2019

Businesses can no longer claim deductions for payments to workers if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the… Read More

Tax

FBT car parking threshold changes

By On August 21, 2019

The ATO has released the Taxation Determination 2019/9, which outlines changes to the fringe benefits tax (FBT) car parking threshold. The car parking threshold for the year commencing on 1 April 2019… Read More

Tax

New ATO toolkit helps small businesses get expenses right

By On August 12, 2019

The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns. The 2019 Tax Time Toolkit Small Business covers information… Read More

Tax

Be wary of unregistered tax preparers

By On August 6, 2019

The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Only a registered… Read More