Let a GST credit slip through the cracks? All is not lost.

Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST credit you’re entitled to.

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Your claim for a business tax loss can be denied

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims.

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After Death

Changing a will after death — a deed of family arrangement can make it possible

There are times when the terms of a deceased’s will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the will was first drafted, or an estrangement between family members is healed (or vice versa).

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Self Education

Claiming self-education expenses

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.

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PAYG withholding tax tables — a handy reference to keep

Employers are required to deduct PAYG withholding from salary and wages of their employees as well as payments for directors fees, salary and allowances to office holders, payments to labour hire workers, and compensation, sickness or accident payments calculated at a periodic rate, based on rates approved by the ATO. Others deemed to be employees are also subject to these rules.

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Alex Kotliarskyi 361081 Unsplash

A tax boost for low and middle income earners

Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO.

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