Starting from November 13th, 2023, a significant change is coming into effect for businesses in Australia. The Australian Taxation Office (ATO) is introducing a new client-to-agent linking nomination process. This change impacts all businesses holding an Australian Business ...
How to Set Up myGovID and RAM: A Step-by-Step Guide
May 20, 2024
How to Set Up myGovID and RAM: A Step-by-Step Guide
The way you access government online services has changed. After March 27, 2020, AUSkey and Manage ABN connections were replaced by myGovID and Relationship Authorisation Manager (RAM). Here’s how you can set them up for your business.What are myGovID and RAM?myGovID: An a...
Single Touch Payroll (STP) to cover businesses with fewer than 19 employees, legislation passed
February 13, 2019
Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll (STP), starting July 1 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ...
Cleaning and courier services – Taxable payments reporting system
October 11, 2018
ATO taxable payments reporting system now includes cleaning and courier services.
If your business provide cleaning and courier services, you need to lodge a Taxable payments annual report (TPAR) each year to tell ATO about to the payments you made to contractors. You need t...
Tax Deductions for Uber Drivers
August 23, 2018
Tax Deductions for Uber Drivers
[This article explains range of potential tax deductions for Uber drivers and rideshare drivers.]
At Tax Accounting Advice, we specialise in getting a maximum tax outcome for your business. If you’re an Uber driver here are some key tips you need to be aware of.
Work rela...
If you buy vacant land with the aim of building a rental dwelling on it, you can claim tax deductions for expenses such as loan interest and council rates. To be entitled to these deductions, you must build the dwelling in a reasonable period of time and make it available fo...
Take Advantage of upfront GST on Hire Purchase Price
August 20, 2018
Claim input tax credits upfront on all cost component plus interest, instead of waiting until each instalment is paid. Provided you enter into hire purchase agreement on or after July 01, 2012.
How does hire purchase work?
Under a hire purchase agreement, you:
Purchase goods through installment paymentsUse the goods while paying for themDo not own the goods until you have paid the final instalment. Do you pay GST on hire purchases?
For a hire purchase agreement ent...
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