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Is your tax return overdue
Tax return due dates vary and depend upon a range of criteria. However, if you are an individual lodging your own tax return, the deadline for lodgement of your tax return was October 31 2017.
Small business tax cuts
The government has reduced the income tax rate to 28.5 per cent for small business companies (i.e. with an aggregated annual turnover of less than $2 million).
Finding lost superannuation
The ATO recently announced its latest figures on lost and unclaimed superannuation accounts
Are you in the building & construction industry?
Have you paid any subcontractors - you may need to lodge a Taxable Payments Annual Report
Fuel Tax Credits
Fuel tax credit rates changed as from 1st August2017.
Audit Insurance protects you from the unexpected costs incurred in responding to an audit or review.
News for employers
Changes to PAYG withholding amounts
Government changes for property investors
Government changes to investment property deductions
TFN declaration forms
Employing new staff -TFN declaration forms can now be downloaded from ATO
Using business stock for private use
If you take an item of trading stock for your private use, remember to include its value in your assessable business income.
ATO cracking down on ‘sharing economy’
The ATO has warned it is focusing on taxpayers earning money from the “sharing economy” this tax time.
The deadline for switching to SuperStream has now passed. All employers should now be paying super and reporting data in the right electronic format.