Taxation
Declare all your business income
Small businesses: Do you know what income you need to report in your tax return? Some types of income – like cash and online sales – seem obvious, but there are some that might surprise you!
You need to report:
Income from bartering (where you exchange goods or services for something...
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ATO - Tax crime prosecution case studies
From failing to lodge income tax returns to submitting dodgy work related expenses, the ATO will not tolerate any form of tax crime. The case studies in the link below reinforce that those who deliberately cheat the system will be held to account. While we are here to support you, the ...
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How to Claim Work-Related Car Expenses
You can claim vehicle and other travel expenses you incur in the course of performing your work duties, but generally you can't claim for normal trips between home and work – this is considered private travel.
You need to keep records of your travel expenses
Making a claim for car expenses
...
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Tips for keeping good records
Good record keeping is critical to business success
Tips for keeping good records:
Keep all business records including income, expenses, bank and other goods and services tax (GST) records for five years (although some records need to be kept longer)
Records must contain enough information to...
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ATO guide to the 5 most common Tax Time mistakes
It’s often-simple mistakes and misunderstandings that trip people up. “While we know most people want to get it right, our audits and reviews show that there are five main areas where taxpayers are most likely to get it wrong.”
The top five mistakes include taxpayers who are:
l...
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How and when to lodge your tax return
Tax season in Australia runs from the 1st July through to 31st October
You can lodge your tax return:
Online – using your own myGov Account
By completing a paper tax return form
Or through a registered tax agent such as Skybridge Financial
The financial year ends on 30 June each year....
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Fringe benefits tax (FBT)
Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to their employees or their employees’ family or other associates. FBT applies even if the benefit is provided by a third party under an arrangement with the employer.
For FBT purposes, an employee includes a curr...
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Work Christmas parties and gifts
'Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax may apply when providing all the trimmings.
Read more on the ATO Website...
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What you can and can’t claim
Each occupation has specific circumstances which affect what can and cannot be claimed. Here are some snippets from some ATO occupation guides. Remember, regardless of the occupation you are in, you can only claim the work-related part of expenses, and you must meet the three golden rules:
You mu...
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Tax myths busted!
Tax season is underway and to help Australians get their returns right, the Australian Taxation Office (ATO) has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims.
Myth: Everyone can automatically claim $150 for clothing and laundry, 5000 kilometre...
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Investment Property Travel Expenses No Longer Tax Deductable
Did you know housing investors can no longer claim the cost of inspecting and/or maintaining rental properties as a tax deduction?
This means travel costs including accommodation, car hire and flights can no longer be deducted by rental property owners when they travel to visit real estate agents o...
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$20,000 Asset Write-Off Warning
Are you a small business that wishes to claim the $20,000 asset write off? BEWARE, the ATO is watching you!
By now, all small business owners should be aware of the small business tax concession available to businesses with an annual turnover of $10 million or less (previously, $2 million) that all...
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Help at Tax Time
The end of the financial year means the start of tax time for many, with the bulk of personal tax returns being lodged between July and October each year. Having a registered tax agent prepare and lodge your return can help simplify the process and ensure what is recorded is accurate.
The ATO has v...
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Minimise Tax, Maximise Savings
End Of Financial Year- Time to act before 30th June 2017
Now is the time to make any last minute adjustments to reduce your tax bill and maximise your long-term savings.
Pay expenses, delay income
Timing is everything and seeing we are so close to 30th June, it’s easier to look at things we...
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9 ways you can pay less tax
Time is running out.
If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things:
1. Read the following 9 point checklist, then

2. Call or email us as soon as possible so we can make a time to sit do w...
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