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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…
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…
The ATO has these common compliance errors on its radar According to Revenue NSW, eight out of 10 audits conducted last financial year contained payroll tax shortfalls. This government organisation recently contacted the team here at Pherrus detailing the most common compliance errors identified in their audits. We thought we’d pass this information on to…
Do you ever wonder if you’re missing out on valuable tax deductions when contributing to your super? Or perhaps you’ve made a personal contribution but aren’t sure whether you can actually claim it? With updated contribution caps and superannuation rules changing in the 2025–26 financial year, many Australians risk paying extra tax or losing legitimate…
Clarifying ATO Garnishee Notices: Federal Court Rules Out Tax-Related Liability for Non-Compliant Entities It will come as no surprise that the ATO takes overdue tax payments very seriously. Because of this, the tax office is afforded certain legal rights which enable their officers to follow up missed payments, and to collect them in full from…
We have recently been hearing more about a new Scam Alert with callers imitating the Australian Tax Office in an unprecedented way. The Scam goes something like this; You receive a phone call from “02 6216 1111” number – What does this mean? It means that is the ATO calling you, as that is the…
The gig economy has changed the way Australians earn money. From Uber driving and car sharing to other ride sourcing platforms, more people than ever are turning their cars into income-generating assets. However, with flexibility comes responsibility. This means you can be certain the Australian Taxation Office (ATO) is now paying very close attention. Whether…