Archives for June 2016

Employers End of Financial Year Checklist

If you run your own business the below checklist is key. To do Checklist: Payment Summaries Have you paid employees this financial year? Don’t forget to provide them with their payment summary by 14 July- even if you didn’t withhold any tax. You can order a copy of the ATO ‘PAYG payment summary – individual [Read more…]

Lost or stolen TFN

If you can’t find your TFN and do not suspect misuse, phone the Australian Tax Office (ATO) on 13 28 61 between 8:00am and 8:00pm Monday to Friday and 10:00am to 4:00pm Saturday. You can also phone the ATO on Sunday between 10.00am to 4.00pm from 1 July to 31 October. If you have a [Read more…]

Fitness Industry – Claiming Work-Related Expenses

This summary outlines some of the deductions a fitness professional can and cannot claim as an employee in the fitness and sporting industry.   Car expenses A fitness professional cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours, for example, shift work or overtime you [Read more…]

Investing Overseas

As an Australian resident, you are taxed on your worldwide income, including your income from: offshore bank accounts interests in foreign entities rental income from overseas property capital gains on overseas assets. You must declare all overseas income from these sources in your Australian tax return. If you have paid tax on any of this [Read more…]

Truck Drivers: Work-Related Expenses

As tax time is fast approaching we will be outlining common work-related expenses for Truck Drivers. Short-haul or local Truck Drivers usually return home at the end of a day’s work. A long-haul Truck Drivers usually sleeps away from home in the course of driving the truck.   When you can make a claim In [Read more…]