Trending
A General Interest Charge (GIC) is a demand for unpaid tax debts from the Australian Tax Office (ATO). You can receive a GIC for several reasons, including late payment or non-payment of taxes. Receiving a GIC can be shocking and you most likely have a lot of questions about what is about to happen.
Imagine you’ve just invested in a property with the plan to develop it and sell it on for a profit, when you’re asked to pay goods and services tax. Australia doesn’t have a universal “property tax”, rather, there are many sorts of taxes that apply to different circumstances. If you’re buying, selling, investing, or simply…
Tax is one of those living expenses that we might not necessarily like paying, but is essential in helping society to function properly. Taxes help both the national or federal and local governments pay for essential local services and projects.
Does your business owe ATO tax? If your operation owes the tax office $100,000 or more, details of your debt could be passed on to credit reporting agencies by ATO. A debt of this size showing up on your credit report might seriously affect your ability to borrow, potentially putting your future business plans in…
In response to the damage which businesses have suffered due to the effects of the Covid-19 pandemic, the government has introduced a suite of measures designed to provide an economic stimulus, promoting growth and recovery. One of these measures related to a temporary increase in the instant asset tax write-off value. Intended to enable businesses…
What the extension of JobKeeper payments means for you In June 2020, the Australian Government announced they will be extending the JobKeeper payment for eligible businesses and not-for-profits until the 28 March 2021. Originally, the payment was set to run until the 27 September 2020. Priority for this extended support will be given to not-for-profits…
Superannuation Guarantee & Salary Sacrificing Superannuation has always been about Future Money. Money stored away for your future. Your super is your future. Payments towards that future is known as a super guarantee contribution or concessional (pre-tax) contributions. You also have the ability to make Voluntary contributions on top of this amount. Boosting your super…
At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…
The Taxable payments annual report (TPAR) gives the ATO valuable information about payments made to contractors for providing services. The ATO uses these reports to identify and follow-up with contractors that haven’t met their tax obligations. Do I need to lodge a TPAR? A whole variety of businesses and entities are required to lodge a…
Claiming deductions for personal super contributions Have you made personal super contributions in the last financial year? You may be eligible to claim a tax deduction. In this article, we’ll discuss your eligibility to claim tax deductions, as well as how to make a claim. Let’s jump right into it. What kind of superannuation contributions…