"Bright Accounting and Taxation Services" BiziNet™ Articles

This month, I like to talk about some details from 2021 Federal Budget. We will focus on the immediate effects, rather than deepest technical details.

• 1. Personal income tax changes
• 2. Changes affecting business taxpayers
• 3. Superannuation related changes

Property investments are always popular among Australian investors. However, the ATO is overly sensitive about claiming the correct type of expenses. Depreciation is especially important in that sense because, first of all, it is a non-cash expense, secondly, we don't have to calculate it on our side. There are quantity surveyors to do the job. Let me explain a bit further.

The Australian Taxation Office conducts various types of tax and compliance audits when it deems that a more extensive information of an issue is necessary. The complexity of these audits can be varied from a very basic question to a highly extensive investigation. Sometimes the process starts with a basic review than can lead to an audit in a later stage. In many cases, the audit period changes between 2 to 4 years, however, the ATO can go back as many years as needed, if there is a suspect of fraud or evasion.

In this edition, we are going to discuss the major small business tax concessions. Before giving the details, I like to define what a small business is, according to the ATO website.

Jobkeeper benefit have been a lifeline for many since the day it was announced by the Prime Minister. However, it was a quick design that came with a lot of mistakes and damaging effect on the economy. It all began with the registration form that allowed some employers to enter 1,500 employees mistakenly; even though they meant 1, in their minds.