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Will the ATO be knocking on your door soon?

Taxation

Will the ATO be knocking on your door soon?

March 18th, 2019

Unannounced visitors might be a bit of an inconvenience so some, but for businesses there’s no guest less welcome than the Australian Taxation Office (ATO). While the ATO tends to keep workplace visits to a minimum, and target those that they know are doing the wrong thing, new benchmarking data for small businesses means theyread more

Running a small business – what’s deductible?

February 14th, 2019

When you’re running a small business, you want to make sure you’re making your money work as hard as you do. This often extends to legally minimising your tax where you can, and there are plenty of ways to do so – even from day one. Here are a few you can look for: Start-upread more

Fringe Benefits Tax (FBT) – Is Your Business Compliant?

January 31st, 2019

Attracting and retaining the best employees for your business is important - and many find that providing extra frills beyond traditional remuneration packages can be useful. A potential downside to this is that certain benefits may attract Fringe Benefits Tax (FBT) of 47%. In a time where the Australian Taxation Office (ATO) is putting thingsread more

Working from Home – What can you Deduct?

October 19th, 2018

As the workforce increasingly favours flexibility and good work-life balance, companies throughout Australia (and indeed the world) offer their employees the chance to work from home; while others set up their own business to take greater control over their working lives. With this flexibility in working from home, there are certain things that you canread more

Personal income tax rates for Australian residents (2018-2019)

August 2nd, 2018

There were some changes to personal income tax rates and thresholds in the 2018-2019 Federal Budget compared to 2017-2018. Notably, the old $87,000 tax threshold has been increased to $90,000; while the amount of tax on incomes for the highest two brackets have changed slightly. See the personal income tax rate tables below. [table id=4read more

Payment Summary Changes under STP

July 19th, 2018

As we’ve covered a few times over the past year, Single Touch Payroll (STP) is well and truly upon us. For employers with 20 or more employees as at 1 April 2018, STP must be implemented; while employers with 19 or fewer employees at 1 April 2018 can opt in at any time between nowread more

McKinley Plowman’s Top Tax Time Tips

July 3rd, 2018

Tax time is upon us! While this isn’t necessarily a time of year most people get excited about, something that motivates most people is a potential tax refund. Even in situations where you might not be eligible for a refund, legally reducing your taxable income to minimise your tax liability is always a bonus. Nowread more

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