by Financially Sorted | May 30, 2024 | ATO, EOFY, Property Investment, Tax Returns
The Australian Taxation Office (ATO) are looking closely at expenses related to rental property including interest apportionment for private expenditure, depreciation for initial repairs and other capital deductions, and borrowing expenses. Avoiding these common...
by Financially Sorted | May 30, 2024 | ATO, EOFY, Tax Returns
Every year the Australian Taxation Office (ATO) announces three key focus areas for individual income tax returns for the upcoming tax season. This year the ATO is focused on some common areas where taxpayers make errors on their income tax return: Work-related...
by Financially Sorted | Feb 1, 2024 | ATO, Tax Returns
What do the new tax cuts mean for you, based on your salary? High-income earners will take a $4,546 haircut on tax cuts Australians were told had been locked in, but middle-income earners will be up to $804 better off under Labor’s plan to change marginal tax rates....
by Financially Sorted | Oct 30, 2023 | ATO, Superannuation
Be careful – STP 2 and more sophisticated software enables the Australia Tax Office to monitor payments, month by month, & quarter by quarter. The ATO has now begun proactive action against employers who fail to pay super guarantee (SG) payments on time or...
by Financially Sorted | Sep 1, 2023 | ATO, Tax & Accounting
The ATO is on the warpath and is certainly not afraid of trying to raise some extra revenue lately. You may have recently been imposed by the ATO with General Interest Charges or Penalties due to personal circumstances for late or outstanding lodgments or possible...
by Financially Sorted | Sep 1, 2023 | ATO, Property Investment, SMSF, Tax & Accounting
Once again, the ATO has targeted SMSF property development schemes that divert profits of a property development project to a SMSF. This time, the focus is on using a special purpose vehicle (SPV), which the SMSF directly or indirectly owns. It appears that some SMSF...
