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Back in November 2017, the federal government announced changes to tax depreciation legislation. They announced these new changes along with the federal budget on 9 May of this year, and investors across the country are still scratching their heads in confusion and worrying about the potential impact on their future tax returns. Let us break…
Special Pherrus Federal Budget 2018-19 Review The federal budget has been outlined for 2018-19. This year’s Budget highlights a mix of some 37 measures. What are the need to knows? Here are the Big Ones Personal Income Tax Relief – there will be an immediate offset for low to middle income earners. Further relief is…
Starting from the 1st July 2018, the changes to GST exemption mean that all online goods bought from overseas will now carry a 10% goods and services tax. The previous rules meant that all goods worth less than $1,000 were exempt from the GST, but that is no longer the case. Goods becoming more expensive…
Chris Jordan, Australia’s Tax Commissioner, has warned that the Australian Tax Office (ATO) is about to crack down on people claiming work-related expenses Jordan stated that a recent check into work-related expenses has uncovered a large number of wrongful claims. He also warned that 100% of the claims that were taken before the Administrative Appeals…
The Turnbull government has flagged personal income tax cuts as part of this year’s budget Back in November, Prime Minister Malcolm Turnbull had declared as part of his pre-election speech that any tax cuts would be aimed at the low and middle classes. Now, with the budget submission released in late February, Turnbull seems to…
As the end of fiscal year (EOFY) approaches for most companies in Australia, it’s time to make sure you’re not missing out on any opportunities to reduce your business tax obligations. While you should make sure to conduct a thorough review of all your financials, these additional tips can help you find specific ways to manage your tax concerns before…
The Australian tax code can be confusing, especially for new or small to medium businesses. If you take some time to learn the basics, though, you can make tax deductions work for you regardless of the size of your business or how many expenses you have. Take a read through these tips to see what…