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Rental Property Expenses - What You Can And Can’t Claim
By WSCAdmin | Created on February 2, 2020
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
How to Prepare for a Tax Office Visit
By WSCAdmin | Created on February 2, 2020
The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.
Tax time, Are you in the ATO’s sights?
By WSCAdmin | Created on February 2, 2020
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.
What you can expect after the Election
By WSCAdmin | Created on February 2, 2020
Headlines only explain so much. In this special update, we examine where the 2019-2020 Federal Budget left us, and the pivotal policies from the ALP on tax, superannuation and business.
ATO doubles rental deduction audits
By WSCAdmin | Created on February 2, 2020
In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.
Single touch payroll extended to all employers
By WSCAdmin | Created on February 2, 2020
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.
International Women's Day Has Anything Changed?
By WSCAdmin | Created on February 2, 2020
Women and girls make up just over half (50.7%) of the Australian population. While women comprise roughly 47% of all employees in Australia, they take home on average $251.20 less than men each week (full-time adult ordinary earnings). The national gender “pay gap” is 15.3% and it has remained stuck between 15% and 19% for the past two decades.
Benefits during emergencies exempt from FBT
By WSCAdmin | Created on February 2, 2020
If your business assists employees during an emergency, for example floods, bushfires etc., then fringe benefits tax is unlikely to apply to the assistance you provide. While we doubt anyone would be thinking about FBT during a crisis, it’s good to know that the tax system does not disadvantage your generosity.
Tax scammer alert
By WSCAdmin | Created on February 2, 2020
The ATO has again warned taxpayers to be alert for scammers impersonating the ATO, as it appears they have changed tactics in 2019. Specifically, the ATO is seeing the emergence of a new tactic where: “scammers are using an ATO number to send fraudulent SMS messages to taxpayers asking them to click on a link and hand over their personal details in order to obtain a refund”.
Non-compliant payments to workers
By WSCAdmin | Created on February 2, 2020
The rules for claiming deductions for payments to workers are changing. From 1 July 2019, businesses can only claim deductions for certain payments made to workers where they've met the Pay As You Go (‘PAYG’)
