The new downsizer contribution, one of several measures announced in the 2017-18 Budget, is a great new opportunity for people aged 65 or over who can make a super contribution from sale of the family home and spend all that extra o
n a lifestyle to envy.
By Andrew Hayes, Director, Westlawn Business Services 30 April 2018 There are reasons that Bitcoin is the one cryptocurrency on the lips and in the virtual wallets of most investors, but the tax laws are still complex. Here’s how to ensure that you comply with ATO tax rules.
There are many ways in which taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage taxable income. In order to maximise any of these opportunities, start your year-end tax planning now with better financial advise. Of course, whenever undertaking tax planning, be aware of the potential application of […]
Will you be kicking up your heels with a staff Christmas party over the coming weeks? When planning your event, you’ll naturally consider such important details as venue, food and drink, who’s invited, gifts, party theme and budget per head. And while you’re unlikely to invite anyone from the tax office, they will, nonetheless, take […]
The Tax Office recently refreshed its free ATO app to include the new myDeductions tool. myDeductions is designed to help taxpayers keep track of deductions by capturing expenses on the go. You can use myDeductions to keep records of: Work-related car expenses using point-to-point, odometer method or electronic log book. Work-related travel expenses such as […]
It’s tax time and, according to the Tax Office, that means we all have to be extra vigilant when it comes to protecting our personal information. This is the time of year when scam artists ramp up their activity in trying to get unsuspecting members of the public to unwittingly hand over personal information and […]
The ATO recently warned investors about illegal tax schemes advising that “if it sounds too good to be true, get a second opinion”. ATO deputy commissioner, Tim Dyce, said illegal tax schemes are becoming increasingly sophisticated, and therefore getting the right advice is now more important than ever. “We see many illegal tax schemes, which […]
A Tax Office employee recently lost her bid for workplace compensation, with the Administrative Appeals Tribunal ruling the employee’s supervisor acted reasonably in response to suggestions she deserved longer breaks as she had to go in search of cafés that served organic coffee and soy milk. The case, as reported by Smart Company, highlights the […]
The Tax Office has recently warned the public about fraudulent SMS and emails claiming to be from the ATO. These hoax SMS and email messages have one purpose – to scam unsuspecting taxpayers into disclosing their personal details. While these fakes can often look very convincing, there are some tell tale signs to watch out […]
