Wondering what the ATO has been up to lately?
Let’s get you up to date with the latest tax and accounting news…
The ATO makes it easy now for contractors to find out what their requirements are when hiring personnel.
Whether you’re a company, partnership or trust, the ATO’s guide can help you find out all your obligations towards your employees. This guide provides assistance with issues involved in hiring employees and contractors.
Get informed now!
Work-related expense deductions under ATO’s scrutiny!
Assistant Commissioner, Kath Anderson, said there’s been a 20% increase among the work related expense claims in the last 5 years.
The reason behind this suspicious increase?
That’s exactly what the ATO wants to identify. This is why work clothing and expense deductions will be closely analysed from now on.
There are certain rules you need to take into consideration before thinking about claiming a tax deduction for your work clothing. Once you qualify for all requirements, you should receive your tax deduction. Here’s all you need to know before claiming a tax deduction for your work clothing.
Uber drivers, do you know your tax obligations?
The ATO has issued reminders for people involved in ride-sourcing to make sure they understand all their tax obligations.
In other words, drivers should be aware they need to include their income on their tax return. They also need to be registered for GST.
Find out more about drivers’ tax obligations here.
We tell you more about working with UBER here: What can an UBER driver claim as a tax deduction?
FTL (Failure to lodge) penalties to be remitted
Time for some good news – FTL on time penalty will not be imposed for tax returns.
This refers to all activity statements due to be lodged from December 2016 to the end of August 2017, where lodgment is received by 31 August 2017.
This applies to the following obligations:
- 2016 tax returns
- Monthly activity statements – November 2016 to July 2017, inclusive
- 2017 PAYG instalment activity statements – Quarter 2, Quarter 3
- 2017 Quarterly activity statements – Quarter 2, Quarter 3
Small business car parking exemption
Are you a small business?
You are exempt from offering car parking benefits in the following conditions:
- the parking is not provided in a commercial car park
- you are not a government body, a listed public company, or a subsidiary of a listed public company
- either your gross total income for the last income year before the relevant fringe benefits tax (FBT) year was less than $10 million, or you were a small business for the last income year before
- the relevant FBT year.
You might also be interested in: July Tax And Accounting Roundup: All You Need To Know
Want to know more about how these updates affect you?
One of our specialists here at Shuriken Consulting is ready to assist you with any questions you might have about the latest tax and accounting updates. Get in touch with us today: