A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come fr..
When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The l..
To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own..
The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contractors to provide the ..
Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. The timi..
Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable..
Businesses can no longer claim deductions for payments to workers if they have not met their pay as you go (PAYG) withholding obligations. This applies to inc..
The ATO has released the Taxation Determination 2019/9, which outlines changes to the fringe benefits tax (FBT) car parking threshold.
The car parking thresh..
The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns.
The 2019 Tax T..
The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners..