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Valuable insights, tax guidance, regulatory updates and strategies for better financial management.
Tax-tips
Urgent Update: Increased Tax Return Audits, Severe Penalties, and Staggering Collections by ATO
29/06/2023 22:16 by Raghuvir R - Karvis Accountants
Starting July 1, 2025, the ATO will unleash a relentless personal income tax compliance program, targeting potential discrepancies and non-compliance. Their focus will be on emerging risk areas such as short-term rental properties, work-related deductions, rental properties, and undeclared capital gains.
Tax-tips
Don't Miss the Tax Return Deadline: Here's What You Need to Know
04/10/2023 12:59 by Raghu
If you’re handling your tax return independently, remember to lodge it by 31 October 2023. This deadline is consistent each year and serves as the pivotal date to keep in mind.
TaxTips
Australian Tax Insights 2023
16/11/2023 04:55 by Administrator
There have been changes regarding tax concessions for small businesses. Starting on July 1, 2023, the Instant Asset Write-Off threshold has been reduced to $20,000. This will allow eligible businesses to immediately deduct the full value of eligible assets costing up to $20,000, providing immediate tax relief for their asset purchases. Additionally, the Small Business Entity turnover threshold remains at $50 million. This enables eligible businesses to access various tax concessions and benefits such as simplified depreciation rules and the ability to account for trading stock on a simplified basis. Always consult with a tax advisor for comprehensive information.