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Tax time is prime time for scams
By WSCAdmin | Created on February 2, 2020
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time, as scammers are particularly active because of the large number of people lodging their tax returns.
Overtime Meal Allowance Amounts
By WSCAdmin | Created on February 2, 2020
The reasonable amount for overtime meal allowance expenses for 2016/17, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $29.40 per meal.
Tax implications for the sharing economy
By WSCAdmin | Created on February 2, 2020
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider.
SuperStream deadline extended!
By WSCAdmin | Created on February 2, 2020
With only days to go until the 30 June SuperStream deadline, the ATO noted that, while many small businesses had implemented the required changes,"some small businesses may need extra time and help to become SuperStream compliant".
SMSFs and Collectables – last opportunity to comply!
By WSCAdmin | Created on February 2, 2020
From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to stricter rules than SMSF investments in other assets (such as shares and property).
NTAA's 2016 BUDGET SUMMARY
By WSCAdmin | Created on February 2, 2020
The lifetime cap will take into account all non -concessional contributions made on or after 1 July 2007 (i.e., from the 2008 income year) and will be indexed in $50,000 increments in line with average weekly ordinary times earnings.
Taxpayer not a 'share trader' despite substantial share trades
By WSCAdmin | Created on February 2, 2020
The taxpayer (who otherwise worked as a child care educator and earned approximately $40,000 in wages) started trading shares in July 2010, utilising her (and her husband’s) savings of approximately $60,000 and a margin loan of initially $40,000.
Tax help for people affected by recent bushfires
By WSC GROUP | Created on February 2, 2020
The ATO has advised that, for people affected by the recent Victorian and Western Australian bushfires, refunds will be fast-tracked and they will have additional time to lodge income tax returns and activity statements.
Reminder of small business tax cuts
By WSC GROUP | Created on February 2, 2020
The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies.
SMALL BUSINESS PROTECTIONS FROM UNFAIR CONTRACT TERMS
By WSC GROUP | Created on February 2, 2020
Businesses use standard form contracts to more efficiently deal with their customers. However, because the business is often in a somewhat superior bargaining position, there are laws in place to protect consumers from unfair terms in a standard form consumer contract.
