ATO: Don’t take your tax return for a ride
10 Jul 2017
Tax time is coming and the Australian Taxation Office (ATO) wants people involved in ride-sourcing to make sure they understand their tax obligations. Assistant Commissioner Tom Wheeler said that drivers in the sharing economy should be aware that anything they earn is assessable income that needs to be included in their tax return. “It pays […]
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Simpler BAS starts 1 July 2017
05 Jul 2017
From 1 July 2017, Simpler BAS reporting will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. When submitting through the portals or the PLS, small businesses will only be required and be able to report: G1 Total Sales 1A GST on Sales 1B GST on […]
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Do you need to do a stocktake this financial year?
28 Jun 2017
A stocktake can be an important part of running a business. If your business buys or sells stock, recent law changes could affect whether you need to do a stocktake this financial year. From 1 July 2016, you only need to do a stocktake for tax purposes if either: your business turnover is $10 million […]
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Get your $20,000 instant asset write-off
14 Jun 2017
If you buy an asset before 1 July 2017 and it costs less than $20,000, you can immediately deduct the business portion in your 2017 tax return. You are eligible to claim a deduction for the business portion of each asset (new or second hand) costing less than $20,000 if: you have a turnover less […]
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