News

The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to: increase the small business entity turnover to $10 million from 1 July 2016; increase the unincorporated small business tax discount from 5% to...

Personal middle income tax rate cut on the way The Treasury Laws Amendment (Income Tax Relief) Bill 2016 (the Bill) has been introduced in the House of Representatives. It proposes to amend the Income Tax Rates Act 1986 to increase the third personal income tax threshold...

Share economy participants reminded of tax obligations The ATO has reminded tax professionals to consider clients who may be involved in the share economy. Some individuals may not be aware they have tax obligations when earning income through the sharing economy. The types of goods or...

ATO small business benchmarks updated The ATO has announced the latest benchmarks for small businesses, updated for the 2013–2014 financial year. These benchmarks are a guide to help businesses compare their performance against similar businesses in the same industry. The benchmarks can also be used by...

Tax Time 2016: take care with work and rental property deductions The ATO encourages taxpayers to check all claims before lodging their tax returns, and has highlighted a number of areas of specific concern for tax time 2016. Work-related deductions The ATO encourages people to check which work-related...

Tax agents won’t lodge your tax return without it being signed. By signing the tax return, taxpayers authorise the tax return to be lodged. Traditionally, signing is done with a pen. But times have changed, and thank goodness for that, for a couple of reasons. Firstly,...