Handling deductions for self education expense

Handling deductions for self-education expense

Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an individual’s work as an employee. In the case that individuals are looking to claim self-education expenses based on a course’s relation to their…

Division A and private loans

Division 7A and private loans

It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to avoid the amount being deemed a dividend. Written agreement Division 7A loan agreements need to be made under a written agreement before the…

Extending relief with JobKeeper changes

Extending relief with JobKeeper 2.1 changes

The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible employee from 1 March to 1 July 2020, to extend employee eligibility. This allows those who were full time employees on or before…

Should you lodge a TPAR for your business

Should you lodge a TPAR for your business?

The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is then used by the ATO to match the contractors’ income declarations to improve their compliance efforts. A TPAR is generally required by businesses…

Tax mistakes to avoid for businesses

Tax mistakes to avoid for businesses

Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look at them if you’ve failed to identify these errors before lodging tax returns for your business. Most mistakes made with regards to tax…