by Peter McCarthy | Jul 4, 2019 | Accounting
There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia. This may happen if you: Don’t lodge your BAS’s on time; or Don’t lodge your payroll each week using Single Touch Payroll (STP); or Don’t properly...
by Peter McCarthy | Jun 27, 2019 | Accounting, Staff
It’s awards season in Lake Macquarie The middle of the year brings with it many changes. Shorter days, colder nights and the promise of being beach body ready for Summer, even though I accept that this is never going to happen for me. For Team Precision, the...
by Peter McCarthy | Jun 9, 2019 | Accounting
The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances. But even so, the ATO has a number...
by Peter McCarthy | Apr 27, 2019 | Accounting
As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so-called “bucket” donations). Who qualifies for tax-deductible...
by Peter McCarthy | Mar 6, 2019 | Accounting
If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means: you must declare your rental income in your income tax return, and you can claim deductions for the associated expenses you may not be entitled...
by Peter McCarthy | Feb 15, 2019 | Accounting, Taxation
A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Background Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer,...
