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From the category archives: Whytes CPA Blog

Whytes Tax Tips and Reminders

Homing in on holiday homes

post image The ATO is reminding taxpayers that it’s paying close attention to rental properties located in popular holiday destinations around Australia.
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Overtime meal expenses disallowed because no allowance received

post image A taxpayer has failed in claiming deductions for overtime meal expenses before the Administrative Appeals Tribunal (AAT). The AAT denied his appeal because he was not paid an allowance under an industrial agreement.
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The surprising demographic capitalising on the sharing economy

post image The sharing economy has long been viewed as the domain of the young and hip – but that may be changing. Don’t be surprised if your next Uber driver has silver hair.

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International tax issues - Post-Panama tax landscape

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Doing business outside Australia can be an important way to grow an enterprise. But in the wake of the Panama Papers scandal there is a new tax landscape, with complex issues that both taxpayers and tax practitioners need to manage.

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Research and development tax incentive rates change

post image The Federal Government has reduced the rates of the tax offset available under the research and development (R&D) tax incentive for the first $100 million of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset has been reduced from 45% to 43.5% and the lower (non-refundable) rate of the offset has been reduced from 40% to 38.5%.
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Travel expense and transport of bulky tools claim denied

post image An individual has been unsuccessful before the Administrative Appeals Tribunal in a matter concerning certain deduction claims for work-related travel expenses. The individual was a sheet metal worker whose home was located some 60 km from his employer’s main work site. The individual made a number of work-related deduction claims. However, after various concessions made by both the individual and the Commissioner of Taxation, the remaining issue between the parties was whether the taxpayer was entitled to a deduction for work-related travel expenses.
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Government rejects SMSF borrowing ban recommendation

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Government rejects SMSF borrowing ban recommendation

 

Direct borrowings by superannuation funds via limited recourse borrowing arrangements (LRBAs) are safe (at least for the next three years), following the Government's decision to reject the Murray Financial System Inquiry recommendation to ban or restrict LRBAs.

 

 

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How much tax do tradies pay?

post image Most tradies declare 25 per cent  to 35 per cent of turnover – most is cash and tax free," was just one reader complaint about research published by MySmallBusiness last week on tradies' earnings.
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Bishop needn’t have come chopper a cropper: Six top tips for claiming travel expenses

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Ross Fastuca, co-founder of travel technology company Locomote, told SmartCompany it’s unlikely a small business could claim the sort of expenses that Bishop did.

 

Here are Fastuca’s six tips for small businesses claiming travel expenses.

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Tax traps to avoid for Aussies working overseas

Whytes Accountants - Tax traps to avoid for Aussies working overseasWhytes Accountants - Tax traps to avoid for Aussies working overseas

Working overseas can lead to tricky tax pitfalls, but seeking expert advice can keep you from paying up twice.

Going overseas to work is a grand adventure for many young professionals. It offers the opportunity to experience a different culture, expand your work experience and enhance future career opportunities.

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