If you use your motor vehicle for work purposes, you can claim motor vehicle expenses as tax deductions in your income tax return. The ATO allows for the two following methods to be used when tracking work-related motor vehicle expenses. The Logbook Method The logbook method requires a logbook to be maintained for a
If you are a director of a company and you have not yet applied for your director ID – the following information is important to you! All Directors must apply for a director identification number (director ID) by 30 November 2022. Please note this also applies to you if you have a corporate trustee for your
The ATO have recently flagged some common mistakes they come across for sole traders. These include: not adjusting expense deduction claims for private use; omitting wages or other income earned outside the business; and incorrectly offsetting non-commercial losses against other income. The following ATO link provides a range of information, guides & fact sheets
As an owner of a business or entity structure, there are certain actions that need to be taken prior to 30 June to avoid adverse tax consequences. 1. PRIVATE COMPANY (“DIV 7A”) LOANS Where a shareholder or associate of a private company takes money out of the company, this may be subject to the ‘Division
As you may recall, as part of the 2020-21 Federal Budget, the Morrison government released a generous tax incentive to help stimulate the Australian Economy due to the onset of COVID-19. The Temporary Full Expensing stimulus measure, allowed businesses with an aggregated turnover of less than $5 Billion to access an instant deduction for
If you receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, you must lodge your 2019–20 Individual tax returns by 30 June 2021. Lodgment deferrals with the ATO do not alter this requirement. If you are entitled to the Family Tax Benefit but didn’t receive any payments in the 2019–20 financial
