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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…
In 2017, the Australian Securities and Investments Commission (ASIC) detailed legal changes in funding arrangements. Although these changes were phased in to minimise confusion, some companies may find they experience errors when claiming personal super contribution deductions. One time of year where these errors are most likely to occur is during the rush to file…
Federal Court Upholds Tax Credit, Despite Non Reporting of PAYG Withheld Amounts It is commonly understood that all PAYG amounts classed as “withheld” from the salary or wages of a taxpayer, must be reported to the ATO. This is a standard element of tax compliance, and is something that the vast majority of Australian tax…
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…
As an approach to passive income that’s gathered popularity in recent years, car sharing applications are used throughout Australia. Recently, the ATO has begun cracking down on those who are generating significant income through their use. If you’re partial to profiting from car sharing, you may want to learn more about your tax obligations. How…
Here at Pherrus Financial Services, we’re always looking out for our clients, and when it comes to your finances we keep a close eye on any events that may be a potential worry to you. One such concern that has recently surfaced is as scam email from someone pretending to be the ATO (Australian Taxation…