Patane Accounting Pty Ltd is a CPA Practice
The holiday season is a peak time for activities in the sharing economy to increase. During this time those participating in the sharing economy must not forget their tax obligations. The most common sharing economy activities around the festive season include: – Providing ride-sourcing services for a fare. – Completing jobs or errands for payment.…
The Australian Tax Office (ATO) will be closed from midday Friday 22 December 2017 to 8.00am Tuesday 2 January 2018 over the festive season. The Tax Agent Portal Dashboard and BAS Agent Portal Dashboard will be available to check portal availability. The ATO’s technical help desk will be available from 7.00am to 6.00pm weekdays, excluding…
Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt. To make a prepayment to the Tax Office, you must get the correct payment reference number, decide how much to pay and choose a payment method. Using the correct…
The Australian Tax Office (ATO) has sophisticated data matching programs in place to ensure individuals and businesses are complying with their obligations and to uphold the integrity of the tax system for the community at large. The Tax Office uses data matching to pre-fill tax returns, ensure people and businesses are lodging tax returns and…
Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the property that you are selling as part of your business. The scheme is only applicable if the sale of a property is taxable.…
Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to register for GST, change GST on sales of low-value imported goods and lodge returns if they meet the $75,000 AUD registration threshold. These…
To protect honest, compliant Australian businesses, the Australian Taxation Office has placed a strong emphasis on targeting the cash and hidden economy. The ATO is visiting businesses that deal predominantly in cash, with a focus on those that: Fail to meet super or employer obligations, and that fail to register for GST or lodge activity…
The ATO has established the ‘Business Assistance Program’ to help new business owners understand their tax obligations associated with running a business. Small businesses that have recently registered for an ABN, registered for GST or likely to register for GST in the near future and have a turnover of less than $2 million a year…
When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: –…
In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have…
