- May 14, 2021
Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO in the wake of JobKeeper ending.
The change in approach comes after the ATO began sending letters to taxpayers in February to warn them of potential sterner action if they failed to make good on their obligations and had refused to get in touch with the Tax Office.
The ATO has stated that from the end of March 2021, where appropriate, penalties will resume.
- May 06, 2016
On Tuesday, 3 May 2016, the Federal Treasurer, Scott Morrison, revealed his first Federal Budget. The Budget announcements include some major superannuation tax changes, and other measures which impact individual income tax, small businesses, and corporate taxation. We at MB+M are here to help you make smart financial decisions now so that you can have … Continue reading “2016 Federal Budget Update”
- February 19, 2016
The new way of processing Superannuation Payments is almost here. In its bid to streamline the processing of transaction for superannuation funds, the ATO has introduced SuperStream. The main aim of SuperStream is to ensure employer superannuation contributions are paid in a consistent, timely and efficient manner. The key component of SuperStream is that it … Continue reading “SuperStream Deadline approaching!”
- April 14, 2015
Many businesses start out recording financial data in spreadsheets and using an adding machine to balance their budget. While this is a necessary phase, business owners will soon be confronted by the reality that they can’t do it all on their own. A study by software company Xero showed that the two biggest mistakes small … Continue reading “Choosing the Right Accounting Software”
- January 27, 2015
Let the MB+M team show you how to save tax on your home loan (and get the BEST interest rate) … To create wealth, you should try to pay off non tax-deductible loans as quickly as possible (before you start to pay off any tax-deductible debt). A “SPLIT LOAN” allows you to do … Continue reading “Refinance to a “Split Loan” and reduce your Tax”
- September 17, 2014
Superannuation FROZEN There’s a lot of hype at the moment as the legislative calendar gets into full swing in the Senate. Recently, the government successfully repealed the Mining Tax, which has come with a series of concessions. So what does that mean for you? Without the politics and media beat-up we want to get … Continue reading “Mining Tax Repeal – How are you affected?”
- August 05, 2014
If you perform some of your work from your home office, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes. Home Office expenses fall into the following categories: Running expenses relating to income earning … Continue reading “What Home Office Expenses are allowed?”