Our office will be closed from 13th December 2019 & Reopen again 8am 13th January 2020. Wishing all a Merry Christmas & a Happy, Safe New Year from all at the My Tax Savers Team. enquiries – please email info@mytaxsavers.com.au and we will get back to you asap on 13/01/20 

Many key dates are looming for business including those relating to Activity Statements, superannuation, and more…. DECEMBER 2019 1 December – Due date for income tax payments for companies that were required to lodge by 31 Oct.  21 December – November monthly Activity Statments – due for lodgement and payment . JANUARY 2020 15 January – Due date for lodgement… Read more »

The Government’s superannuation amnesty for employers is now back on the table! The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 was introduced into the House of Representatives on 18 September 2019. It seeks to legislate the super guarantee amnesty that the Government failed to pass into law before the Federal Election. The legislation provides for… Read more »

Do you have a tax-related question that you need guidance on? Send us an email.  Your MTS Members Helpline is staffed by Qualified Accountants who have answered 1000’s of question over time from subscribers on everything from GST, CGT, Superannuation, FBT, Income tax and more.  Simply email MTS Helpline team at info@mytaxsavers.com.au they are ready to assist… Read more »

To claim GST credits on your purchases, you must be able to demonstrate you’re in business through activities such as: aiming to make a profit keeping records and account books making commercial sales of a product or service marketing and advertising to attract clients drafting a business plan. It’s more likely you’re not in business and your activities are a hobby… Read more »

If you missed the 30 September Single Touch Payroll (STP) reporting date, it’s not too late! Make the move and get started by following one of three pathways: Start reporting now  If you already use accounting or payroll software, you need to check whether it offers STP reporting. If it does, you need to enable the STP… Read more »

 One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work related purposes.  Much of the claim relates to depreciation on the cost of the vehicle.  As technology continues to advance and with data sharing amongst authorities becoming more prevalent, the ATO… Read more »

On the 9th August, the ATO announced it will contact, at the end of August, about 17,700 self-managed super fund (SMSF) trustees and their auditors where their records indicate the SMSF may be holding 90% or more of its funds in one asset or a single asset class.  They are concerned some trustees haven’t given due… Read more »

From an income tax standpoint, it’s in your interests to keep good records of your transactions and activities. Keeping good records is not only required by law, but it makes your accountant’s job easier – this can result in both decreased fees (an accountant will take less time in preparing returns etc.) and increased deductions… Read more »