Mills Oakley and ATO Seminar I attended a seminar held at the Establishment in Sydney tonight presented by senior officers from the Australian Taxation Office’s (‘ATO’) Private Groups and High Wealth Individuals teams. In addition to being informative, relevant and insightful for some of my specific client groups, it was nice to be joined by…
March 2016 Activity Statement – Deadline Extension If you have had issues recently working to complete your March 2016 activity statement, some good news. The ATO have granted an extension of time to lodge and pay by Monday 30th May 2016. Those extra few days should come in handy this time of year! The commissioners…
The ATO have recently released a webinar on contractors and consultants – https://www.ato.gov.au/Business/Bus/TB12—Tax-basics-for-small-business-transcript—Issues-for-contractors/. From our experience dealing with small business owners and their staff, this is quite a grey area for both employers and employees. Common questions for employers – do I pay superannuation to the contractor/consultant? Am I liable to pay worker’s compensation insurance…
If you get paid an overtime meal allowance under an industrial instrument (such as an award) and buy food and drink on overtime, you can claim reasonable allowance amounts set by the Australian Tax Office (ATO) for overtime meal allowance expenses without having to keep records. For the year ended 30 June 2014 for those…
Just over one week before this financial year ends. Consider the following in the next week with respect to your financial affairs: Defer assessable income – can you delay the receipt of taxable income to minimise your tax bill for FY14? Typically this will include timing of invoicing and possibly dividend/trust distribution/bonus payments. Incur your…
Do you travel domestically or overseas for work? If so, it may be worth considering the structure of your pay. It’s ideal for tax purposes to be paid an “allowance” component, as opposed to 100% as a standard wage (ie. provided you are not reimbursed the exact costs by your employer). It makes it easier…
Most people below 40 don’t think twice about their superannuation but in many cases they have money in their name spread across many different accounts, from the many different jobs held in the past. If you don’t know where all your superannuation money is located try “SuperSeeker” for a start. It’s a smart choice to…
The federal government is means testing the 30% private health insurance rebate from 1 July 2012. If you earn a taxable income of $84,000 as an individual or $168,000 as a married couple then you will be paying a higher private health insurance premium as a result. Health funds are offering the option to prepay…