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The margin scheme is a way of working out the GST you must pay when selling property as part of your business. The amount of GST normally paid on a property sale is equal to one-eleventh of the total sale price. If the margin scheme is used, the GST is calculated on the difference between the sale price and your purchase price of the property... more
Throwing a Christmas party for your employees can be a great way to show appreciation and have some fun, but tax implications of a party can be surprising and costly.
Before hosting a staff Christmas party, employers should be aware that the majority of the time, a party would be considered ‘entertainment’ and is... more
It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. It is when people or businesses deliberately hide income to avoid paying the right amount of tax or superannuation. One of the ways they do this is by not recording or reporting all their cash income or electronic transactions.
To date the majority of digital innovation in hospitality businesses, including hotels, pubs and clubs, has come in consumer-facing functions - customer service, administration, travel. In fact 64% of hotel guests said it was extremely/very important for hotels to continue investing in new technology to enhance the customer experience,... more
Using the most advanced GPS tracking available you can now track and manage journeys and business mileage with ease. You can either simply tap 'start' and the App will track the journey (even when minimised) and press 'stop' to end the tracking, or set the app up to automatically track all journeys. The App will automatically... more
Owning an investment property can provide great benefits, including additional income and entitlement to tax deductions.
Now is the time for property investors to take advantage of the tax strategies available to them this financial year.
In order to maximise your tax bill in the financial... more
Knowing what you can claim from travel allowances and expenses can be difficult as in some cases, tax deductions from an allowance are to be withheld unless specified otherwise.
The reasonable amount of travel expenses is updated yearly and is based on job type and salary. On the occasion that you are required to travel overnight for work,... more
Many property investors can access a wide range of tax deductions for their rental property and items subject to depreciation.
Property investors may not be aware of the number of items that can be tax-deductible, such as accounting, bookkeeping and tax expenses relating to the property. Here are some tips to help you maximise
The ATO often focuses on specific behaviours, characteristics and tax issues that are suspicious and can lead to investigations.
Due to enhancements in technology, the ATO has expanded its data matching capabilities which have improved the ability to identify incorrect reporting in tax returns.
The ATO has released a list of... more