Patane Accounting Pty Ltd is a CPA Practice
Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the…
Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need to supply their Australian business number (ABN) and a statement that they are registered for GST to the supplier at the time of…
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…
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…
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…
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…
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…
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…
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,…
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…
