News Archive

As the new financial year got underway, the Australian Tax Office found itself seriously inundated with calls from taxpayers wanting to know when they would be getting their extra refund, courtesy of the tax cut legislation passing through Parliament. 

Many incorrectly assumed they are eligible for a $1080 cash back, when in fact it's an offset against tax due. In this month's client update, we look at what the tax cuts actually mean for taxpayers and who is eligible. 

We also look at new legislation for overseas-based pensioners, limits on cash payments, and what will trigger an FBT liability for employee travel in ride sharing.

As always, if you have any queries, contact our team on 9957 4033.

	Confusion over personal income tax changes – what are you really entitled to? Tax cuts that recently passed through parliament are confusing taxpayers about who will automatically get $1080 back as soon as they lodge their tax returns – and it's not everyone.
	'Proof of life' certificates required for overseas pensioners It may go down as one of the strangest pieces of legislation before parliament, but the government is attempting to ensure that pensioners over 80 years oldand receiving Australian welfare are in fact alive.
	Why the government does not want your business accepting cash payments of $10,000 or more If your business accepts cash payments then you need to be mindful of new restrictions that will limit the value to $10,000 – otherwise you may be breaking the law.
	FBT and Uber style ride sharing When does FBT apply if your employees use ride-sharing services such as Uber?
	Tax treatment of compensation from financial institutions By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes?.
	Weirdest tax deductions revealed Would you claim the lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian taxation office's 2018-19 list of most unusual claims.