Online Tax File Number (TFN) Declaration Forms

Tax File Number Declaration forms are now electronic Employers no longer need to order paper TFN forms thereby eliminating waste and inefficiencies You can download a form from the ATO’s website https://www.ato.gov.au/forms/tfn-declaration/ New employees download the form and then complete the form on-line The employee then prints and signs the form and gives the form

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Personalised Tax Services is expanding

Personalised Tax Services your local Adelaide Tax Agent, Accountant and Business Advisor was founded in 2003. Located 3.2 km’s from Adelaide’s CBD, on King William Road Hyde Park since early 2004 we are now one of the area’s leading Taxation, Accounting and Business consultants employing over 10 staff members. The business has expanded and has

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Australian Tax Office Reviews of Income Tax Returns

Review of your Income Tax Return by the ATO and Record Keeping We have recently had a few requests for clarification on the length of time the ATO has to review your Income Tax Return and also the length of time you need to retain supporting documentation that has been used to compile your Income Tax Return. After a notice

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Margin Scheme on Sale of Vacant Land (GST on Property Sales)

Generally, the amount of GST you must pay on property sales is equal to one-eleventh of the sale price.  If eligible, you may be able to use the margin scheme on your property sale.  If applicable under the margin scheme the amount of GST payable on your property sale is one-eleventh of the margin for

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Interest Deductibility: Land

Are interest payments on land deductible? It is not a very well-known fact but the interest paid on a loan used to purchase land acquired for the purposes of building a rental property is deductible. The period that the interest remains deductible before building the rental property is decided by the ATO based on the

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SuperStream deadline extension

The Australian Tax Office has given small businesses an extension on SuperStream obligations from 30 June 2016 to 28 October 2016. There are a number of options a small business can choose to implement SuperStream: using a payroll system that meets the standard a super fund’s online system a messaging portal a super clearing house like

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Questions about Deductions

Further to our article about Frequently asked Questions regarding Income I thought I would offer some explanation regarding Work Related Deductions. Claiming deductions is a way of decreasing your tax bill.  Always carefully review your spending and employment requirements to determine if you are able to claim any of the following: Also.. Remember the 3

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Questions about Income

Since it’s time to get your 2016 income tax return lodged I thought I would take the opportunity to offer some response to questions that I get frequently asked by our clients about income tax. Please review the following list and contact Personalised Tax Services if you would like some further information. Why does my second

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Questions about Income Tax

This article lists some additional Questions we have received from our clients which I hope you might find helpful. Do I need to bring my partner with me to complete my tax return? There are however several rebates that are now based on the family income and as such your partner’s income is required. Can you complete

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Motor Vehicle Claims

From 1 July 2015 the methods for claiming work related and business motor vehicle usage was changed. Previously there were 4 methods to claim motor vehicle expenses however this was reduced to 2. The changes can be summarised as follows: Details Available to 30 June 2015 Available from 1 July 2015 Cents per Km to

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