Patane Accounting Pty Ltd is a CPA Practice
Tax offsets (also known as ‘rebates’) can directly reduce the amount of tax payable on a person’s taxable income. While claiming certain tax offsets can reduce a person’s tax payable to zero, on their own, they cannot create a tax refund. Here are three common types of tax offsets some individuals are eligible to claim:…
The Australian Tax Office has recently collaborated with industry representatives to develop a safe harbour for car fringe benefits. A safe harbour is a guideline that allows Australian businesses to make use of an efficient way to calculate tax where certain conditions are met. This particular safe harbour will simplify the approach for working out…
The Australian Tax Office has warned small businesses that time is running out to start paying superannuation contributions in the new and mandatory electronic standard called SuperStream. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in…
Following an announcement in July, the Australian Government recently increased the 32.5 per cent tax threshold from $37,001 – $80,000 to $37,001 – $87,000. The new PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Australian Tax Office provides a range of tables to assist employers…
The Australian Tax Office allows Australians who work at or from their home to claim a deduction for the additional expenses they incur from running their business. Generally speaking, the deductible expenses that can be claimed are divided into two categories; occupancy expenses and running expenses. Occupancy expenses: relate to ‘the place of business’, i.e.…
The Australian Tax Office (ATO) is reminding small businesses to transition to SuperStream by 28 October 2016. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format. Those employers that are still paying their…
The Australian Tax Office has launched a new initiative called Super Scheme Smart to help educate individuals about the pitfalls of certain retirement planning schemes and how to protect their retirement nest egg. Each year the ATO discovers complex tax schemes and arrangements designed by promoters solely for the purpose of helping people avoid tax.…
Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on the taxable value…
As the countdown begins to Australia’s tax return lodgment date, many individuals in the country may be hurrying to find a few extra possible tax deductions to claim. However, in the rush before the deadline, it is important not to waste time claiming deductions for expenses or items that are commonly thought of as tax…
The small business company tax rate has been reduced from 30 per cent to 28.5 per cent. The new lower rate applies to small businesses that are corporate unit trusts and public trading trusts. When completing company tax returns, use the new rate of 28.5 per cent on calculation statements at label T1 – Tax…
