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This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you could warn clients who may be likely to claim these deductions with abandon. For example,...

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As a taxpayer, if you use your own car for work purposes, you can claim a tax deduction using one of two methods — the cents per kilometre method or the logbook method. If you use someone else’s car for...

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Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company (see the relevant section of the law here). But there are also some tax obligations...

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With Tax Time 2019 just around the corner, tax practitioners may find the following tools and calculators to be a useful resource to keep bookmarked (or bookmark this page, since they’re all grouped together here). Australian zone list This list can...

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If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back. Your first avenue of inquiry, if you use the services of a tax agent or accountant, will be to...

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A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest. Ruling TR 2019/2 replaces an earlier ruling on the same topic that has since been withdrawn (TR 93/7W), and spells out the circumstances when penalty...

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Now that the government is unchanged, one proposed change contained in the recent federal budget that will most likely be given priority is the increase to the low and middle income tax offset (LMITO). The previously proposed (and legislated) LMITO,...

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The ATO is expected to visit around 10,000 small businesses in the 2019-20 financial year in a wide-ranging crackdown on black economy activities. Already ATO officers are on the road and heading to the Northern Territory in the last week...

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In February this year, a Full Federal Court decision (Harding v Commissioner of Taxation) threw what practitioners knew about Australia’s residency rules on its head. It came after a Federal Court decision found that a taxpayer was a resident for...

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There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include: there are no members left – they may...

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