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 »

The ATO recently reminded small employers with 19 or less employees that they needed to move to Single Touch Payroll (STP) by 30 September 2019.  STP became mandatory for small employers from 1 July this year. The ATO provided a three-month transition period to employers that needed more time to get ready until 30 September. Points to… 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 »

Taxable Payments Annual Reports (TPAR) are due by 28 August this year, with businesses that provide cleaning or courier services set to lodge for the first time, joining businesses in the building and construction industry who have been doing so since 2012. Cleaning services Businesses providing cleaning services must report the total payments made to contractors providing cleaning… 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 »

The Federal Government’s Personal Income Tax Plan is now officially law. For 2018/2019 (the financial year just gone) the centrepiece of this plan was an increase to the low and middle income tax offset (LMITO) from a maximum $530 to $1,060. Taxpayers with a taxable income:    *   of $37,000 or below can now receive a LMITO… Read more »

If as an employer you are not ready for Single Touch Payroll (STP) don’t panic!   Although 1 July has rolled around, smaller employers (those with less than 19 employees) have three months from this date (until 1 October 2019) to be STP-compliant. Furthermore, no penalties will be imposed during the initial 12 months of STP,… Read more »