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Ride sourcing – Claiming car expenses Posted on Sep 20, 2017 by admin

Tax

Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time. You may be able to claim expenses such as: – Parking fees – Road tolls – Mobile phone costs – Fees or commissions charged the facilitator – Other expenses – to the extent that they relate to work-related travel. Under the logbook method (the business-use percentage of car expenses) include: – Petrol – Depreciation of your car – General vehicle running costs such as insurance, car rego and repairs – Maintenance. Expenses you cannot claim include: – Fines, such […]

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Sharing economy and tax Posted on Sep 14, 2017 by admin

Tax

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on. Different rules apply, depending on what type of sharing economy activities are undertaken by an individual. Those who rent out part or all of their home are reminded to: – declare what they earn in their tax return; – apportion related expenses as appropriate before claiming deductions and – understand […]

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Single Touch Payroll for streamlined reporting Posted on Sep 7, 2017 by admin

Tax

From 1 July 2018, employers with 20 or more employees will report payments to the Australian Taxation Office at the same time as they pay their employees, using the Single Touch Payroll reporting system. This reporting system will keep track of payments such as: Salary and wages Super contributions Deductions, e.g. workplace giving Pay as you go (PAYG) Allowances The introduction of this new reporting measure does not incite changes to an employer’s payroll cycle; you can still make payments as you were, i.e., weekly, fortnightly, monthly, etc. When you do make these payments, the super and tax details of […]

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Claiming the small business income tax offset Posted on Aug 30, 2017 by admin

Tax

The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small businesses with an aggregated turnover less than $5 million can access the concession from the 2016-17 income year. Business income derived by another partnership or trust, in which the small business owner is not a partner or beneficiary, is not eligible for the offset. Small business owners can claim the offset if they receive a share of net small business income from a small business: partnership, in which […]

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Have you received personal services income? Posted on Aug 23, 2017 by admin

Tax

Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect employees receiving only salaries and wages. When more than 50 per cent of the amount you received for a contract was for your labour, skills or expertise, then the income is classified as PSI. If you have received PSI (including if you have received it […]

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Tax penalty remissions Posted on Aug 16, 2017 by admin

Tax

The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more care and responsibility in adhering to their tax responsibilities. While the ATO has the power to distribute penalties, they also have the discretion to reduce or modify the penalties individuals owe. If you find yourself in a position where you are owing money due to […]

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Fuel tax credits – rate change Posted on Aug 14, 2017 by admin

Tax

On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels. Fuel tax credit rates change regularly – they are indexed twice a year, in February and August, in line with the consumer price index (CPI). Below are the rates for fuel acquired from 1 August 2017 to 31 January 2018. Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment […]

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Lodge nil BAS in advance Posted on Aug 2, 2017 by admin

Tax

Activity statements generally issue from the ATO by the end of the month but in some circumstances they can be generated early. Business owners can access activity statements early in the following cases: your business has ceased you will be travelling and will not be able to obtain your activity statement if generated under normal bulk process your entity is under some form of administration if you are going to be absent from your place of business before the end of the reporting period and the business will not be trading during that period you are a short-term visitor, i.e., […]

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New measure to combat franked distributions funded by capital raisings Posted on Apr 12, 2017 by editor

Tax

The Government has announced a new measure in the 2016-17 Mid-Year Economic and Fiscal Outlook to prevent the distribution of franking credits where a distribution to shareholders is funded by particular capital raising activities. This new measure is intended to address issues raised by the Tax Office’s Taxpayer Alert 2015/2 regarding arrangements used by companies for the purpose of, or for purposes which include, releasing franking credits or streaming dividends to shareholders. The ATO have been reviewing arrangements with all or most of the following features: A company with a significant franking credit balance raises new capital from existing or […]

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Lump sum payments received by healthcare practitioners Posted on Apr 4, 2017 by editor

Tax

The ATO has provided further guidance for healthcare practitioners dealing with lump sum payments from healthcare centre operators. The Tax Office is concerned with some practitioners who have received lump sum payments and have incorrectly treated the payments as a capital gain. These practitioners have then applied the small business CGT concessions to reduce the capital gain, in many instances reducing it to nil. The ATO has clarified that a lump sum payment from a healthcare centre operator is more likely to be ordinary income of the practitioner for providing services to their patients from the healthcare centre rather than […]

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