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24.01.2022 New industries to report payments made to ABN holders. From the 201920 financial year onwards, businesses providing road freight, information technology (IT), security, investigation or surveillance services are to report contractor payments in the taxable payments reporting system. If you provide these services, then you need to keep records of their payments to contractors, and complete a Taxable payments annual report.

24.01.2022 Instant asset write-off The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used... or installed ready for use, up to the following thresholds: $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019 $20,000, before 29 January 2019.

22.01.2022 Tax Tip: Medicare Levy Surcharge and the 29% Government Health Insurance Rebate are applied based on your adjusted taxable income. The thresholds are $90,000 to >$140,000 (singles) and $180,000 to >$280,000 (families). You must estimate your adjusted taxable income in advance for the year ending 30 June 2017 and notify your private health insurer.

21.01.2022 Hiring a contractor? Answer these six questions before you hire a worker: 1) Can sub- contractor pay someone else to do the work?... 2) Basis of payment: How are they paid? 3) Do they provide their own tools and equipment needed to get the job done? 4) Are they legally responsible for their work and liable for fixing mistakes or defects? 5) Do they have control over the work ? 6) Do they operate their own business independently of your business? If the answer is NO to some or all of these questions, you need to speak to us first.

16.01.2022 OVERNIGHT TRAVEL EXPENSES WITH NO TRAVEL ALLOWANCE PAID Please read the folowing example in full: TR 2017/D6 Example 5...Continue reading

15.01.2022 Casual employees may be entitled to super: Here's the basics: > You may need to pay super guarantee (SG) regardless of whether your employee is full-time, part-time or casual.... > If you pay your employee $450 or more (before tax) in a calendar month, you have to pay SG on top of their wages. > If your employee is under 18 they must also work for more than 30 hours per week to qualify for SG. See more

14.01.2022 New Tax Off-sets for taxpayers: New tax measures as part of the Personal Income Tax Plan to be introduced from this year (18/19). Individuals whose income does not exceed $125,333 are entitled to the new tax offset from your next income tax returns(2019). This is a new new offset and is in addition to existing Low Income Tax Offset . This off-set will be available your income tax return is lodged. Receive Off-sets upto $530. In addition to this, the income tax thresholds will be amended for the benefit of Taxpayers.

10.01.2022 Medicare Levy Exemption Certificate Eligibility: You do not hold an Australian permanent resident visa and have not applied for one.... You do not reside in a country that has a reciprocal health care agreement: These countries have agreements with Australia: UK, Northern Ireland, Italy, Malta, Sweden, the Netherlands, Finland, Belgium or Slovenia You are an Australian citizen residing overseas for 5 years or more You are a New Zealand citizen that has been residing in Australia for less than 6 months.

09.01.2022 Add more value than other accountants because we take time to listen to your story. Genuinely interested in your financial circumstances. We'll accommodate your availability for appointments - 7 Days a Week. ATP Tax & Finance is your best partner for this Tax Season 2019.

07.01.2022 What you need to know about deductions: 1) The money must have been spent for your business not a private expense Most business expenses are deductible but you can't claim a deduction for private expenses, such as child care fees and clothes for your family.... 2) If it's a mix of business and private use, only claim the portion related to your business For example, if you bought a computer for your business and your kids use it to do their homework, that's a private use. You will need to work out how much of the computer use was for your business and only claim a deduction on that portion of the computer's cost. 3) You must have a record to prove your expense Before you can claim a business deduction for an expense, you must: > have a paper or electronic record of the expense, for example, bank statements or receipts > be able to demonstrate how you calculated your claim including working out the business portion of the expense. Remember, registered tax agents can help you with your tax.

07.01.2022 TRUCK DRIVERS TAX RETURNS For the year ended 30 June 2018 New ATO statement and examples QC 21635 last updated 27/10/2017... Latest truck driver's AAT case Davy's Case AATA 376 (27 March 2017) Expenses claimed must have been incurred and be an allowable deduction - The payment of an allowance does not of itself allow a deduction to be claimed. ATO reasonable overnight travel allowances for meals As per Tax Determination 2016/13 for the year ended 30 June 2017. Truck Drivers $ 97.40 From 1 July 2017 $99.60 OVERNIGHT TRAVEL EXPENSES WITH NO TRAVEL ALLOWANCE PAID TO TRUCK DRIVERS TD 2017/19 Para 23: Employee truck drivers who do not reveive a travel allowance and truck drivers who are owner-drivers must substatantiate all travel expenses with written evidence (refer to paragraphs 76 to 80 of TR 2004/6). CONDITIONS 1. You must be stay overnight away from your usual place of work. 2. You must not stay in one town for more than 21 days (Roads and Traffic Authority of NSW case; MT 2030). 3. You must keep receipts and diary notes. Take photos of your receipts using your mobile. PLEASE SUMMARIZE THE FOLLOWING: Accommodation if not in the truck Meals Water & Drinks Caffeine drinks - Coffee, mothers, red bulls, etc. Snacks

01.01.2022 Important Announcement from ATO: Changes to deductions for non-compliant payments to workers From 1 July 2019, they can only claim deductions for payments made to workers where they've met the pay as you go (PAYG) withholding obligation for that payment.... Where the PAYG withholding rules require an amount to be withheld, your client must: * withhold the amount from the payment before they pay their worker * report that amount to us. Very simply, ensure that workers do have correct ABN/ TFN when they are providing a service to your business. Get the correct form filled out and lodge that with ATO. Write to us if you have any specific questions around this.