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Understanding the New ATO Client to Agent Linking Nomination Process

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 Number (ABN), excluding sole traders, when:Appointing or replacing a Tax or BAS agent.Adjusting authorisations for an existing agent.Working with a payroll service provider.Why the Change?The main reason for this new process ...

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 authentication app that allows you to prove your identity online. It’s different from your myGov account and is used on your smart device.RAM (Relationship Authorisation Manager): An authorisation service that lets you act o...

Single Touch Payroll (STP) to cover businesses with fewer than 19 employees, legislation passed

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 40 percent of all workers. Businesses with 20 or more employees began reporting from 1 July 2018. There are approximately 800,000 businesses with 19 or fewer employees in Australia. That’s about 35 per cent of Australian b...

Cleaning and courier services – Taxable payments reporting system

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 to do this even if cleaning or courier services are only part of your business activities. Your first TPAR will be due by 28 August 2019 for payments made from 1 July 2018 to 30 June 2019. In future, you or your Tax Agent will...

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 related tax deductionsFollowing deductions can be claim for the business use proportion  (logbook percentage):• Commissions, licensing or service fees paid to Uber. • Costs of becoming an Uber driver – but only once yo...

Loan Interest on vacant land acquired for building Investment Property

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 for rent as soon as the dwelling is completed. In Steele’s Case, the High Court consiered the deductibility of interest expense incurred on borrowings to purchase land intended to be developed for income production. In this ...

Take Advantage of upfront GST on Hire Purchase Price

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 entered into before 1 July 2012 If the price you pay for the goods includes GST. If you use the goods in your business, you may be able to claim a GST credit for any GST  included in the purchase price of the goods. But you...