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 sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not failed to declare or under declared rental income or have overclaimed deductions. In effect, whatever…  Read more

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 deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim…  Read more

Rental property tips & tricks

Investing in property long term can be a great way to build your wealth. You would have heard of the stories of 20 something year-olds having 10+ properties and being millionaires. It may not happen that quickly for a lot of us, but if you can hold onto any asset for long enough, you will usually reap the rewards. Just take a look at the share market over the years,…  Read more

Tax time is looming…

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 you make to deductible gift recipients can be deducted this year. Remember, if you received something in return for the money, like goods purchased at a charity auction, you…  Read more

Car expense claims on the ATO’s radar

This tax season the ATO will be keeping an eye on car expense claims. Whilst the ATO acknowledges that the rules can be confusing, its imperative to only claim for genuine travel. There are three golden rules that should be adhered to when making a claim for travel: only make a claim if you paid for the expenses yourself and you were not reimbursed. ensure the travel is directly related…  Read more

2018/19 FEDERAL BUDGET

Personal income tax changes Targeted tax relief to low and middle income earners The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian resident low and middle income taxpayers. The offset will be available for the 2019, 2020, 2021 and 2022 income years and will be received as a lump sum on assessment after an individual lodges…  Read more

DOING NOTHING IS A HABIT

When most think about habits, they invariably think of habits as something they are engaging in unconsciously. While that is very true, what is also true, is that choosing not to do something you should be doing is also a habit. Doing nothing is also a habit – or a Do-Nothing Habit: Not reading to learn, is a habit. Not exercising every day, is a habit. Build Good Habits! Not…  Read more

Will your business be audited?

How the ATO identifies audit targets. The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a closer look at why that is. Falling outside of the benchmarks might not indicate a tax related problem. It…  Read more

Should you use the new super measures when you buy/sell your home?

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions. The pros and cons of using your super to save for your first home The First Home Super Saver Scheme (FHSS) enables…  Read more

Important information regarding the SBSCH

Small Business Superannuation Clearing House As of 26 February 2018, the SBSCH is now accessed via the ATO online services.  Find out how to access the SBSCH via online services Here is a short video explaining the changes: https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/ Some further information on the benefits and changes from the ATO is as follows: What’s new New features of the SBSCH are listed below: the SBSCH is no longer accessible with a user ID…  Read more

10 Daily Habits of the Rich and Powerful

  It’s the little things that make up the big things. Here’s a list of ten traits of some of the movers and shakers in the world today (and from the past). 1. They Stay Healthy Health is make-or-break. If you have it, your life will take on meaning like you couldn’t otherwise know; but if you don’t have it, you will only accomplish a comparatively small percentage of what…  Read more

10 Money-Saving Tips for Freelancers

While working at home as a freelancer sounds like the ultimate dream for anyone who tires of the rat race, freelancers still have more than their fair share of financial matters to worry about. In fact, perhaps the most important trait that any freelancer should have is the ability to be fully responsible and accountable to themselves, and saving money is something that you will be wholly responsible for.  …  Read more

Is technology making you less efficient?

“For a list of all the ways technology has failed to improve the quality of life, please press three.”  Alice Kahn If you feel overwhelmed by the sheer volume of technological gadgets out there, never mind apps and other digital “solutions”, you’re not alone. Technology sprawl and the rabbit hole of more and more information, available all the time, is making productivity—and healthy downtime—a real challenge for many of us. Although…  Read more

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