Authoritative and technically accurate information and guidance on all areas of tax

Bank deposit levy dumped

A controversial bank deposit tax proposal has been dumped by federal government following criticisms the tax measure would not encourage bank customers to use wealth creation products. Bank deposit levy dumped. Prime Minister Tony Abbott said the levy was a misguided tax on savings accounts rather than the economic safeguard protocol Labor originally intended. “The

[ Read More ]

How your work-related car expense logbook should actually look

In a tax world where proof is the taxpayer’s burden, “show me” is a typical response from the Tax Office.  So when it comes to cars, what do you need to show? If you chose to use the logbook method to claim your car expenses, you obviously need a logbook.  This doesn’t have to be

[ Read More ]

R&D tax incentive claims are being scutinised

The Tax Office warns that it is working closely with AusIndustry to identify taxpayers involved in aggressive R&D Tax Incentive arrangements. It says some claims made for the R&D incentive have been negligent on the compliance requirements generally expected when making a claim, with some other instances even bordering on tax avoidance and fraud. The

[ Read More ]

Tax Office videos explain some work related expense claims

Have you been slow off the mark and still haven’t lodged your income tax return yet (or even better, made an appointment with your tax agent)? It’s already September, so you’d better get cracking as the Tax Office expects all returns to be lodged by October 31 — although this is another reason why it’s

[ Read More ]

The Tax Office asked small business how it can help: Here’s what you told it

The Tax Commissioner, Chris Jordan, spoke at the annual National Small Business Summit a few weeks ago, fulfilling a commitment to return a year before. In between these engagements, Jordan’s staff were out and about across the country consulting thousands of small businesses owners, getting feedback and input from each one about the Tax Office’s

[ Read More ]