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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.
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…
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…
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…
The Sydney Chocolate Ball is an annual event, celebrating its ninth incarnation this year. Here at Pherrus Financial, we are excited to announce that we attended this year’s event. We are proud to be giving back to our community in such a meaningful way. Here’s what you need to know about the Chocolate Ball. The…