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ATO shares it’s most frequent small business deduction queries

With the 2017 tax time continuing apace past its 12th week, the ATO has had an opportunity to identify some more-than-anecdotal trends that have emerged through its various channels of taxpayer engagement. Questions from small business taxpayers make up a significant proportion of the enquiries the ATO fields in its day-to-day business, and it has

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ATO announces its approach to outage compensation

In the wake of the recent unplanned system outages, the ATO’s response was to provide lodgement deferrals and remit interest and penalties where the outages affected either practitioner and/or client lodgment outcomes. ATO announces its approach to outage compensation But in the face of approaches from a portion of the tax practitioner community for compensation

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The ATO’s occupation-specific tax deduction guides

To save practitioners time explaining to clients what they can or can’t include as deductions on their tax returns, the ATO has developed a suite of occupation-specific guides. It says these have been designed to help your clients understand what they can think about including, or what is completely off the table, as work-related expenses.

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Are some of your clients about to get a Div 293 shock?

Division 293 was introduced about five years ago, and is intended to even out the concessional tax treatment that higher income earners enjoy on some superannuation contributions. This results from super contributions made before tax being taxed at 15% within a fund, and the higher relative difference in marginal rates for high income earners compared

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