As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or…

If you have previously claimed work-related clothing expenses and laundry expenses in your tax return, you should beware this tax time because the ATO is cracking down on these claims. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totaling…

It’s been a little over a year since the dual changes of the pension transfer balance cap and the reduction of tax concessions for transition to retirement pensions were implemented by the government. Recent research has indicated that these changes has achieved their policy outcome by making almost 25% of previously tax-free SMSF assets lose…

You may have heard all about the small business tax concessions, but do you know how you qualify for them and whether you’re making the most of the tax concessions available to you? Generally, your business would qualify as a “small business entity” if you have, or is likely to have an aggregated turnover in…

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