When a super scheme seems too good to be true, it often is. Many illegal super schemes are operating in Australia, so it is crucial to understand the characteristics of such schemes. A popular illegal scheme is one whereby an individual is enticed by being told they can access their super early to pay off…
Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July 2018. The amount of GST will not change. This change does not affect the sales of existing residential properties or the sales of…
Efficient businesses create more with less. They are driven by highly-motivated employees and inspirational leaders. They understand the power of time-management, organisation, and most importantly, managing their resources. To improve the efficiency in your small business, consider the following: “Eat the frog” Starting your day by “eating the frog first” helps to tick off the…
Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can see them facing hefty penalties. Employees are entitled to superannuation if they are paid $450 or more before tax in a calendar month,…
Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business. These credits can greatly benefit business owners but it is important to get the claim right. The ATO sees common mistakes made when calculating and claiming fuel tax credits, including: Wrong calculationsA common error is…
The Australian Tax Office (ATO) will be contacting 80,000 individuals, starting this week, to alert them of unclaimed super. An email campaign will alert members about ATO-held unclaimed super money from 5 April. On 16 April, 20,000 letters and SMS will be sent. The ATO currently holds unclaimed super money for around 5.38 million accounts,…
The Tax Office has rental property owners in its sights this tax season with a large number of mistakes, errors and false claims made by some using their own property for personal holidays. The ATO is reminding owners they cannot claim deductions for holiday homes that are not actually available for rent or only available…
Mistakes happen all the time, and although they can be embarrassing, you can recover from them. Whether the mistake was minor or costly, handling the error with professionalism can save your dignity and credibility. Next time you forget to hit send on that important email, rest assured you can recover quickly by adopting the following…
