by Financially Sorted | Aug 27, 2024 | ATO, Business, Single Touch Payroll, Small Business
Managing payroll is essential for any small business. It ensures your team is paid correctly and on time, and it keeps your business compliant with the ATO. However, payroll can be tricky, and mistakes can lead to financial penalties and unhappy employees. Here’s a...
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 | 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...
by kirstyb | Jul 24, 2023 | ATO
Understanding your ATO notice of assessment can change how your tax is calculated. A Notice of Assessment is generally issued to us individually by the ATO when we lodge, and the ATO ultimately processes our individual income tax return. Recently, the ATO confirmed...
by kirstyb | Feb 27, 2023 | ATO, Interest Rates, Land Tax, Property Investment, stamp duty
The rising costs of Land tax bills are arriving across the State of Victoria, and many have been left stunned by staggering increases. Speaking to many clients and listening to many of the media outlets like 3AW and the nightly news services, its being reported that...
