The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.
The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share registries and exchanges.
Utilising this wealth of information, the ATO will explore what has been reported on tax returns, specifically, capital gains on the sale or transfer of shares and the losses claimed.Read More
The ATO does not allow you to ‘flip’ a property tax-free even if you are living in it.
Most people think that they can move in to a property, renovate it, and then sell it without paying tax.
The main residence exemption – the exemption that protects your family home from tax – does not apply if your primary purpose is to ‘flip’ the property for a profit.
The fact that you are living in the property does not mean it’s exempt from tax.
If you’re thinking of earning a little extra cash over the holidays by participating in a ride-sourcing arrangement (think Uber driver), there are a few things you need to take care of before you hit the road.
Fringe Benefit Tax (FBT) is something the ATO has been cracking down on in recent years, so it’s important to know what transactions are affected by FBT.
If you offer employees benefits that involve cars, loans, travel or entertainment, it’s essential you know if FBT applies. Read More
The first quarter of the new financial year is almost over already! But before you get too preoccupied with the upcoming silly season, tick your Q1 BAS off the list first.
TO help you out, here are a few useful tips, courtesy of the ATO*
BAS record keeping:
- Keep records of all sales, fees, expenses, wages and other business costs
- Only claim GST credits from suppliers who are registered for GST
- Don’t claim credits for purchases that don’t include GST, such as bank fees or water bills
- Only claim business expenses – don’t claim GST on private expenses, such as food or entertainment
- Claim the business portion of things you purchase that are also used for personal use
- Set aside your GST in a separate account
- Lodge on time to avoid penalties
- Keep all your tax invoices and other GST records for five years
Implications of your Christmas Party from a FBT perspective
With the festive season fast approaching, employers may begin planning their Christmas party and should be aware of the tax implications of such events.
When an employer provides a non-cash benefit to an employee or an associate of an employee, it may give rise to what is known as ‘Fringe Benefit’ with which Fringe Benefit Tax (FBT) may be payable by the employer. Read More
19 September 2018
The Senate has delivered some good news for 3.3 million eligible Australian small businesses by passing the extension of $20,000 instant asset write-off scheme.
Treasurer Josh Frydenberg recently announced the extension passed through the Senate, giving small business owners until 30 June 2019 to take advantage of the scheme.
The extension was initially announced back in May by then Treasurer Scott Morrison as part of the 2018-2019 federal budget.
What it means for Australian small businesses
A fresh warning from the ATO has been released regarding a reported spike in scammer activity.
Posing as tax agents, scammers have been tricking victims into paying large amounts of money, under the guise of ATO imposed fines.
This particular scam involves a three way phone conversation where one scammer impersonates a victim’s tax agent, while another impersonates an ATO staff member.
ATO Assistant Commissioner Kath Anderson has described a recent example of the magnitude of this scam. Read More
The ATO has released a statement calling for accuracy when calculating work-related tax deductions.
The statement revealed a record $7.9 billion worth of ‘other work-related expenses’ were claimed by 6.7 million individuals last year. This figure averages at $1179 per claim.
The maximum amount an individual can claim without the need to provide evidence is $50. If you intend on claiming above this amount, you will need to ensure your calculations accurately represent your usage.