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190,000 taxpayers ‘examined’ in ATO online rental blitz

190,000 taxpayers ‘examined’ in ATO online rental blitz

The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz.

Utilising information from online platform sharing sit...

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Are you holding back your business?

Are you holding back your business?

Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks.

“I didn’t get time…” No more excuses

Most people simply don’t set...

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Clothing deductions hung out to dry

Clothing deductions hung out to dry

The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns.

The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or delibera...

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Will Australians pay more for a good cause?

Will Australians pay more for a good cause?

In the same month that desperate farmers made headlines preparing to destroy starving flocks and pleading with the public to pay a few cents more for their dairy products, Dick Smith’s nationalistic brand announced its closure. The question is, will Australians pay more for a cause? Read More

$10,000 limit on cash payments to business

$10,000 limit on cash payments to business

One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business.

Unrecorded and untaxed transactions that occur in the community are estimated at up to 3% of GDP or aro...

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When can you take your super?

When can you take your super?

The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.

Th...

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Company & personal tax changes

Company & personal tax changes

Company tax change in limbo

An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 inco...

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Your essential end of financial year checklist

Your essential end of financial year checklist

No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you.

Donate - If you are going to donate to charity, now is the time. Any donations yo...

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What's changing on 1 July 2018?

Individuals

Personal tax bracket changes - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.

Introduction of the Low and Middle Income Tax Offset* p...

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One-off Super Guarantee Amnesty

One-off Super Guarantee Amnesty

Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month.

The ATO estimates that $2.85 billion is currently owed in la...

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