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Posted in ATO

Payslips - Are They Correct?

Posted on 10 July 2013
  Did you know that you are required by law to give your employees their payslip within one day of their pay day, either in hard copy or electronically? Not providing your employees their payslips in a timely and correct manner can lead to serious consequences under the Fair Work legislation. So… what should be included on the payslips? The name of the employer The employer’s ABN The employees’ name Date of payment The pa...
Posted in:Employees2013AdminAccounting SoftwareComplianceATO   1 Comments

Home Office Expenses

Posted on 8 July 2013
  If you carry on all or part of your employment activities from home, then you may be eligible to claim a portion of your expenses as a tax deduction. Ideally, you should have a room set aside as a home office. The area must be clearly identifiable as a place of work and used almost exclusively for work purposes. The expenses you can claim are: Heating, cooling and lighting Decline in value (depreciation) of home office furniture and fittings Dec...
Posted in:Business StructuresPlanning2013AdminTax ObligationsATOCashStrategyHome OfficeWork From Home   4 Comments

Motor Vehicle Expenses - Employees

Posted on 8 July 2013
If you use your car for work you are entitled to claim the costs of using your car to do your job as a tax deduction. You can claim motor vehicle expenses for travel between: Your workplace and an alternative workplace (eg. a clients property, place of training etc.) An alternative workplace and another alternative workplace (eg. one client’s property to another) Two separate work places (eg. when you have a second job) To and from work when you hav...
Posted in:Planning2013AdminTax ObligationsATOStrategy   0 Comments

Net Medical Expenses Tax Offset Phase Out

Posted on 26 June 2013
  What does this mean for you? As part of the 2013-14 Budget the Government announced that it will gradually phase out the Net Medical Expenses Tax Offset (NMETO) with a "use it or lose it" system. This will mean if you do not claim the NMETO in your 2012-13 tax return, you will not be eligible for the offset in any future year. If you received the NMETO in your 2012-13 tax return, you will be eligible to receive the offset for all eligible out-of-pocket...
Posted in:NMETOMedicalPlanning2013AdminComplianceTax ObligationsATOStrategy   37 Comments

Taxable Payments Annual Report - Building & Construction Industry

Posted on 21 June 2013
  The first annual Taxable Payments Report is due 28 July 2013 (or 21 July for those businesses who lodge monthly Business Activity Statements) for businesses primarily in the building and construction industry who have made payments to subcontractors during the year ending 30 June 2013. The Government has designed this report to improve compliance with tax obligations by those contractors who are currently not doing the right thing. However, the reporting obligation...
Posted in:2013AdminBASBusiness Activity StatementBuilding & ConstructionContractorsSub-ContractorsAccounting SoftwareComplianceTax ObligationsATOData Matching   466 Comments
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