The ATO has provided new tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses. These include tips on reporting amounts in the right sections of your tax return, providing all of the relevant information, and using net income (not gross income) in your calculations. The offset (up to $1,000) is worked out by the ATO on the proportion of income tax payable on an individual’

The ATO has released an updated version of Practice Statement PS LA 2001/6, its guidance on calculating and substantiating home office running expenses and electronic device expenses that are claimed as tax deductions. The basic principles have been amended to emphasise that you must actually incur the expenses you claim, and that there must be a real connection between your use of a home office or device and your income-producing work. On the other hand, the requirement that

Individuals Personal tax bracket changes - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and residential subdivisions – The way GST is collected on sales of newly constructed residential properties or new subdivisions will change from 1 July. Purchasers will be required t

Creating an efficient workplace is desirable for both staff and business owners alike. Not only does it save money and time, it can also improve productivity and morale. Here are five ways to improve efficiency in your business: Examine what is and isn’t working Identifying your business’ strengths, weaknesses and opportunities goes a long way in improving efficiency. Look at your processes and procedures in your business model and analyse the need for improvement. Over compl

There’s no better time than the present to expand your business. The past few months have seen business conditions rise well above the long-run average, according to NAB’s November 2017 monthly business report. Successfully growing your company is all about knowing when to take action. While factors such as improved conditions, increased confidence and better payment times are positive across the board, business owners in Australia should seize the opportunity to expand their