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Cambridge Business Services

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23.01.2022 ATO reaffirms car expense claims focus The ATO has restated its commitment towards clamping down on people who claim more than they are entitled to around work-related car expenses. Over 3.75 million people made a work-related car expense claim in 2016-17, totalling around $8.8 billion, the ATO said. Around 870,000 of those people claimed the maximum amount under the cents-per-kilometre method.... ATO assistant commissioner Kath Anderson said that the ATO’s ability to identify claims that are unusual has improved due to enhancements in technology and data analytics. We compare taxpayers to others in similar occupations earning similar incomes. Our models are especially useful in identifying people claiming things like home to work travel or trips not required as part of your job, Ms Anderson said. Unless you have a work-related need to travel while performing your job, you won’t be able to claim a deduction. For example, travelling from home to work is not deductible for most people. Ms Anderson said that while the rules can be a bit tricky for some, and that most people want to do the right thing, the ATO is seeing a lot of mistakes. We are particularly concerned about taxpayers claiming for things they are not entitled to, like private trips, trips they didn’t make, and car expenses that their employer paid for or reimbursed, she said. Last year, the ATO issued a similar warning, with Ms Anderson noting a significant proportion of claims were at the limit of the 5,000 kilometres mark that did not require detailed records. She said the cents-per-kilometre method of calculating deductions for expenses is to simplify record-keeping, not to provide a free ride. It’s true that claims of up to 5,000 kilometres using the cents per km method don’t require a log book, Ms Anderson said. However, you still need to have done the kilometres as part of your job and be able to show how you calculated your claim, for example by keeping a diary of places you have had to drive to for work, and how often. See more

23.01.2022 Thinking of starting a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business. Cambridge Business Services has helped lots of people turn their business dreams into reality.

18.01.2022 Cambridge Business Services (CBS), dedicated to offering a comprehensive range of Accounting , Bookkeeping and taxation services to individuals or businesses. We make it easy to understand and fulfil your taxation obligations, ensuring that you’re meeting all legal requirements. Let CBS take care of your accounts, while you take care of your business. For assistance contact Cambridge Business Services (CBS) on (02) 8006 7877 or 1300 67 66 07 or 0432 079 895 or email us on [email protected]

07.01.2022 Budget 2018 the key issues Many of the existing tax concessions for small businesses over the past few years will continue, despite there being no further direct tax relief in the budget. The government is extending the $20,000 instant asset write-off for a further 12 months to 30 June 2019. It has also continued its existing commitments to a reduced corporate tax rate, an unincorporated small business tax discount, and the $10-billion small business turnover threshold.... In addition, the government has announced a tax integrity measure in clarifying that unpaid present entitlements will now come within the scope of Division 7A. From 1 July 2019, unpaid present entitlements will come within the scope of Division 7A of the Income Tax Assessment Act 1936, in a move that will ensure the unpaid present entitlement is either required to be repaid to the private company over time as a complying loan or subject to tax as a dividend.

05.01.2022 At Cambridge Business Services (CBS) we offer a full range of taxation services for individuals and businesses. Our proactive approach ensures we deliver a consistent service and build solid relationships which stand the test of time. Taxation can be a major cost to your business. We will work in partnership with you to minimise your tax and help you achieve your key objectives. For assistance contact Cambridge Business Services (CBS) on 1300 67 66 07 or 0432 079 895 or email us on [email protected] Web: www.mycbs.com.au www.facebook.com/Cambridge.Business.Services.CBS

05.01.2022 Thinking of starting a business?? there are many actions you need to take and systems you need to set up to create the foundation for a successful business. Cambridge Business Services has helped lots of people turn their business dreams into reality if you’re interest in starting your own business contact us today. Cambridge Business Services can help by:... 1. Determining the best business structure for your business 2. Assisting with the financial analysis in your business plan. 3. Providing advice on the type of accounting software you may need. 4. Making sure your accounting procedures comply with government regulations and requirements. 5. Closing out your books and create financial reports at the end of the year. 6. Compiling and submitting your taxes, financial reports, and all necessary paperwork. 7. Create financial forecasts so you can make better decisions in your business.

04.01.2022 2018 Tax Return Cambridge Business Services (CBS) is not restricted to businesses and we have a large core of personal tax clients. Whether you need assistance with your 2018 tax returns Cambridge Business Services (CBS) can help you. For assistance contact Cambridge Business Services on 0432 079 895 or email us on [email protected]

03.01.2022 What is Single Touch Payroll? Single Touch Payroll is a new, simpler way to report your employees’ payroll information. This reporting change, will ensure employers report payments such as salaries and wages, PAYG withholding and super information electronically to the ATO directly from their payroll software at the same time they pay their employees. For assistance contact Cambridge Business Services on 1300 67 66 07 or 0432 079 895