ATO’s tracing technology is getting better and better each year when it comes to detecting any off-the-book transactions and side hustles that you may have thought were slipping past the radar. Cash is making a comeback post-COVID, with plenty of it now back in circulation, and although it may be tempting to leave cash payments, […]
The past few years have seen lockdowns, uncertainty for business owners and their employees and the reliance on support packages from the government designed to keep the economy going. The pandemic has completely shifted the way that we needed to operate and many businesses are slow to revert back to the way things once were.
Pandemic has blurred the line between personal and work expenses Read More »
Many people wrongly believe that creating a will and planning their estate is the same thing. Sure, a will is a key component, but estate planning encompasses a lot more to ensure that your wealth is distributed according to your wishes, without being unnecessarily depleted by fees and taxes. An important first step is seeking
The 2021 State of the Environment report was dire in regards to our ecosystem, and CPA Australia are imploring Australian businesses to step up and do more, starting with ‘Integrated reporting’, through which business owners can measure their individual impacts. Since 2016, 202 additional plant and animal species have been added to the threatened list
Environmental report delivers shake up to Australian businesses Read More »
The ATO has recently reminded tax payers, both business owners and wage earners, of a number of forgotten income streams that need to be included in assessments. Otherwise be prepared to face their wrath! Tips, compensation payouts, investment earnings, interest and commission all need to be added to the assessable income for a business. These
The frequently forgotten income streams that need to be included Read More »
The latest Australian Bureau of Statistics has found that at least a third of businesses are expecting to impose larger than usual price hikes over the next three months. Most of these businesses, 92% of those surveyed, place the blame for this on the rising prices of products and services. 78% of respondents said that
Tony Greco of the Australian Institute of Public Affairs (IPA) has stated that the crackdown on GST fraud by the ATO is going to hurt legitimate businesses that get caught in the crossfire. The $850 million of fraudulent refunds that the ATO have sought to investigate will ultimately leave some businesses with a cash-flow crisis
Are you tossing up whether to claim for doggie day care, Tim Tams and pot plants as a working from home expense this tax year? Although it might sound tempting and can be argued as a possibility, it can lead to a tax time nightmare as you succumb to the many pitfalls in claiming working
Statistically speaking, it is a safe bet that you said ‘yes’ to that question. A staggering 92% of those asked in a recent online poll believed that EV owners should be contributing to the infrastructure of Australian roads. CPA Australia managed to get the opinions of over 1000 people to determine the general view of
Don’t fool yourself into believing that your cryptocurrency transactions are going unnoticed by the ATO. Even if you are just dabbling in the world of crypto, it is important that you acknowledge the tax implications that it might have. You need to let your accountant know that you own crypto so that together, we can
