Tax return tips
Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.
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THINGS TO DO IF YOU ARE SELF EMPLOYED OR EMPLOYED BY YOUR OWN COMPANY
Your 9.5% super guarantee contributions must be received by your Super Fund by 28 July to avoid penalties. If you pay by 30 June then they are deductible in this current year
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Here’s what attracts the ATO’s attention about luxury car tax - Tax Accountants Brunswick
The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.
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COVID-19 instant asset write off and accelerated depreciation - Tax Accountants Bankstown
While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions.
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Alternative turnover test for JobKeeper released - Tax Accountants Artarmon
An alternative decline in turnover test for the JobKeeper payment scheme has now been registered by the ATO. The ATO says the alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover test.
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