Tips

Are your employees entitled to additional perks like a reserved parking spot, gym membership, or even a company car? These extra benefits are commonly referred to as fringe benefits, which is a different form of ‘payment’ to salary or wages. However, they come with a separate tax called fringe benefits tax (FBT), which is calculated…

Taxes. It’s a word that often triggers a sense of discomfort or frustration. In fact, some people may even go to great lengths to find ways to avoid paying taxes altogether. After all, if you earn $200,000 for the year and pay no tax on it, surely you will end up richer than the taxpayer,…

If you’re working from home, it’s important to know how you can claim deductions for the expenses you incur in order to remain tax-compliant and maximise your tax savings. Fortunately, the Australian Taxation Office (ATO) has made things easier by updating the way you can calculate and claim working from home tax deductions. Am I…

Scammers are constantly looking for new and subversive ways to trick you into giving them your money. Unfortunately, tax season is no exception. With the ATO issuing more than $51 billion in refunds in the past three tax seasons, scammers often try to impersonate trusted organisations, such as the Australian Tax Office (ATO), in order…

As a taxpayer, you might have heard of the term PAYG. But what is it exactly, and what does it mean for you? We’ll answer that and more in this article. What is PAYG? PAYG stands for Pay-As-You-Go and is a way to pay your taxes as you earn your income instead of paying the…

Lamington is coming to an end. And no, we’re not referring to our Aussie iconic treats made of chocolate-coated sponge cake cubes rolled in coconut flakes. The Low and Middle Income Tax Offset (LMITO), more commonly known as ‘Lamington,’ is a tax offset introduced in 2018. It was designed to provide relief for those on…

Wondering if you can claim tax deductions for your staff events? Eg: Christmas party, New Year’s party, company birthday party, etc. Planning events for the office with a little knowledge of the potential tax deductions you may be able to claim back can make a difference to how you go about it. Venue tax implications…

Having life insurance can mean the difference between your loved ones being looked after or struggling to make ends meet, or your business continuing to flourish, should the unexpected happen. But when it comes to life insurance cover, claims and premiums, it pays to know how the Australian Tax Office (ATO) treats tax deductions against…

The last thing you need is to get into trouble with the Australian Tax Office (ATO) and, given how much access they have to your information through data-matching platforms and technology, exaggerating or inaccurately declaring income, expenses and deductions at tax time is a sure-fire way to land in trouble. To avoid trouble at tax…

Be warned property investors – as the tax office is keeping a close eye on real estate claims once again.  Make sure you have all your record keeping in order when it comes to declaring rental income and deductions With more than 2.2 million Australians holding rental property investments, and as much as $50 billion…