Patane Accounting Pty Ltd is a CPA Practice
Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are four ways to maximise your tax deductions while complying with the tax office: Use…
The Australian Taxation Office is continuing to pay close attention to claims made as ‘work-related expenses’ throughout 2018. Making incorrect claims of work-related deductions can land you in hot water with the ATO, and thus it is important you can justify these claims. In order to claim correctly, you must be able to show that:…
While we like to think of business ventures as a platform to make money, there are also many expenses that will be incurred through running one. Luckily, there are many tax deductions a business owner can claim when it comes to the expenses their business incurs, in particular their legal expenses. Understanding what these tax…
The Australian Tax Office is honing in on small businesses failing to comply with guidelines regarding appropriate record keeping. Findings from the ATO’s Protecting Honest Business campaign indicated that one of the leading factors for small business failure is their poor record keeping practices. Small business owners are required to disclose particular information, and keep…
The Australian Taxation Office is urging all businesses and individuals to take care in relation to avoiding the risk of fraud. With a focus on criminals lodging fraudulent returns in order to obtain unwarranted refunds through accessing banking information that is not their own, the ATO recommends businesses and individuals practice the following: Discussions with…
This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance. As of May 2017, the Government announced new requirements on those purchasing newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as…
The Government has announced a reform of the Deductible Gift Recipient (DGR) status to strengthen governance arrangements, reduce administrative complexity and ensure trust and confidence in the sector. The reforms are as follows: From 1 July 2019, non-government DGR’s must be registered as a charity with the Australian Charities and Non-for-profits Commission. Non-government DGR’s that…
With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an employer-provided motor vehicle is used or available for private travel for staff.…
It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions: –…
The Australian Tax Office (ATO) is targeting privately owned and wealthy groups that display specific behaviours and characteristics in relation to their tax affairs and lifestyle. A large focus is currently on lifestyle assets and private pursuits that generate deductions or are mischaracterised as business activities. The ATO is also looking at those assets and…
