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Single touch payroll delayed for more consultation

When the Single Touch Payroll initiative was first floated at the end of 2014, it was touted as a tool that would eliminate several red-tape producing processes and do away with the need for many reporting demands presently dumped on small business owners. It is called “single touch” because the interactive online tool is intended

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3 money-smart ways to beat bracket creep

It’s little wonder the phrase ‘bracket creep’ summons up images of spiders and other nightmarish creepy-crawlies. While it’s not a bad thing to earn more money, get a raise, or have your salary adjusted with inflation, unwittingly jumping into a higher tax bracket can negate any fiscal gains you make from the added income. The

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5 smart things to do: Some tax refund tips

Someone wise once said the best time to plant a tree is today. For most youths that’s a negligible truth; when you’re young, the last thing you want to do is put money away for a version of yourself you won’t be for a long time. Young people want cars and clothes and holidays and

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Don’t forget that a fuel tax credit increase has gone through

Small business owners are reminded that fuel tax credit rates increased for fuel acquired from August 1, 2015. Don’t forget fuel tax credit increase. While the next due business activity statement (BAS) is for July (lodgement due by August 21), the following BAS will be for August, which is due by September 21. That’s right,

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Here’s how politician travel allowances compare to yours

Despite the firestorm currently raging over parliamentary entitlements, most people won’t deny Australian pollies are justified in the amount of travelling they do for work. Lawfully, parliamentarians nationwide do have access to a lucrative array of politician travel allowances, other allowances and tax deductions, but the reality is that sufficient representation often correlates to frequent

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Four rental property deductions under scrutiny this tax season

This tax time the Tax Office is specially targeting excessive or inappropriate deductions made by rental property owners. The Tax Office on its Building Confidence webpage has listed four problem areas where landlords may be incorrectly or inadvertently claiming property deductions that don’t suit their circumstances. They’ve also included case studies so that landlords can

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Consumption taxes: How do we compare?

The recently issued government paper Re:think suggested a review of the goods and services tax (GST) system, including increasing the rate applied beyond the current 10% as well as the range of items it applies to. While we all know that GST is levied at 10%, and that fresh food, health and educational products and

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Negative gearing: A polarising issue that won’t go away

Australian governments across the political hues see no need to touch negative gearing.  It is a mechanism that exists within the fundamentals of Australia’s tax system anyway — a deductibility of interest on borrowings made to undertake an investment.  It is nothing more than a specific case of the general principle that the expenses incurred

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