AFS NEWS | Your partners in success
The grace period for large employers required to be Single Touch Payroll (STP) compliant since last year (1 July 2018) has ended with penalties now in full force.
In the 2017-18 financial year, the Australian Taxation Office (ATO) collected over $500 billion in liabilities from Australian taxpayers, with 89.5% paying on time, followed by 95.9% paying within 90 days of the due date. Although most Australians pay their tax bill on time, some can’t – or just won’t – pay what they owe.
Tax time can often feel like a hassle, but it’s all worth it if a tax refund lands in your account. So what’s the best way to spend it?
Submitting a claim for your work related clothing expenses is common come tax time, with more than six million Australian’s claiming deductions in the past financial year. This year it’s likely to bring your tax return right under the spotlight of the Austrlalian Taxation Office (ATO) due to a crack down on the growing number […]
If you use your own car for performing work related duties (including a car you lease or hire), you may be able to claim a deduction on your tax return for vehicle expenses.
Commercial properties are often renovated to suit the needs of the business occupying them, however, many people are unaware that on removal, the owner of the asset can claim the remaining value as an immediate deduction in that same financial year. This is known as scrapping.