by Asha Hudson | Oct 16, 2018 | Client Access, Tax Business Income
Proper record keeping Are you? – A taxpayer? At a glance: – The Tax Office has provided a factsheet on record keeping requirements and related penalties. You should: – Ensure you keep your financial records for as long as it is legally required....
by Asha Hudson | Oct 16, 2018 | Client Access, Tax Business Income
How to claim foreign income tax offset Are you? – An Australian resident taxpayer earning foreign income? At a glance: – A tax offset can be claimed for an amount of foreign tax paid on foreign income, subject to a limit. You should: – Ensure that...
by Asha Hudson | Oct 16, 2018 | Client Access, Tax Business Income
Applying for multiple TFNs and ABNs Are you? – A taxpayer? At a glance: – The Tax Office issues only one tax file number (TFN) and Australian Business number (ABN) to an applicant where the appropriate application forms have been successfully processed....
by Asha Hudson | Oct 16, 2018 | Client Access, Tax Business Income
Tax – Business Income Property damage or destruction – insurance payouts Insurance payments received from property damage or destruction may have tax implications… What happens when an asset is destroyed? Special balancing adjustment rules apply...
by Asha Hudson | Oct 16, 2018 | Client Access, Tax Business Income
Property damage or destruction – insurance payouts Are you? – A property owner? At a glance: – Insurance payments received from property damage or destruction may have tax implications. You should: – Be aware of the tax implications when...
by Asha Hudson | Oct 16, 2018 | Client Access, Tax - Personal Rebates
Medical expense tax offset Are you? – A taxpayer with out of pocket medical expenses? At a glance: – The net medical expenses tax offset (NMETO) will be phased out by June 30, 2015 for some taxpayers. You should: – Ensure you keep records for all...
