by Swot Accoountants | Feb 14, 2020 | Tax & Compliance
Did you know that insurance payouts for damaged or destroyed personal items are not taxed? However, insurance payouts for businesses or income-producing assets may be subject to income tax. Curious about something specific?
by Swot Accoountants | Jan 28, 2020 | Business News, Tax & Compliance
If a private company attempts to make a tax-free distribution or other benefits (e.g. cash payment, a gift, a loan or writing off a debt) to a shareholder or an associate of a shareholder, the Australian Tax Office (ATO) can treat that distribution an assessable...
by Swot Accoountants | Dec 17, 2019 | Business News, Tax & Compliance
You may have to lodge a Taxable Payments Annual Report (TPAR) with the ATO by the 28 August each year, if you are a business providing certain services and you made payments to subcontractors, consultants or independent contractors. The contractors can be trading as...
by Swot Accoountants | Nov 13, 2019 | Business News, Fringe Benefit Tax (FBT), Tax & Compliance
In some circumstances if a business provides and pays for Christmas parties for their employees and their associates, it may attract FBT. There are some costs associated with Christmas parties for food and drinks that may be exempt from FBT. For example: Christmas...
by Swot Accoountants | Oct 20, 2019 | Capital Gains Tax (CGT), Tax & Compliance
If you sell a capital asset, like vacant land, property, shares or cryptocurrency, you make a capital gain or a capital loss. Capital gains and losses must be declared in your income tax return and tax must be paid on your capital gains. CGT is part of your overall...
by Swot Accoountants | Sep 30, 2019 | Tax & Compliance
There are many misconceptions about allowable tax deductions, that can lead unaware taxpayers to make incorrect claims, and get the attention of the “tax office”. Here are some common examples: Fiction: Everyone can claim automatically $150 for laundry and clothing,...
by Swot Accoountants | Aug 31, 2019 | Super, Tax & Compliance
If your combined income and super contribution exceed the Division 293 threshold, you pay additional tax on the super contribution which reduces the tax concession. The additional 15% tax is payable on either the amount of the super contribution or the amount that is...
by Swot Accoountants | Jul 31, 2019 | Super
If you have insurance through super, it usually covers you for death, disability and sometimes income protection. But, if your super account is not used for a while, your insurance may be automatically cancelled, regardless of your age. This means, if you haven’t...
by Swot Accoountants | Jul 5, 2019 | Tax Offset
The much talked about increase in the tax offset from $530 to $1,080 has passed through the Senate on Thursday the 4 July 2019. From the 2018-2019 tax year the Government has increased the low and middle income tax offset from a maximum of $530 to $1,080 and from the...
by Swot Accoountants | Jun 30, 2019 | Business News, Payroll
If your employer is now using Single Touch Payroll (STP) to report your income to the ATO, you will no longer receive your PAYG Payment Summary at the end of the financial year. If you have a myGov account, make sure it is linked with the ATO and you will receive a...
