2013 Year End Reporting Obligations for Employers


We are at the end of the 2013 Financial Year and there are reporting obligations and changes that employers need to be aware of. Reporting Obligations Employers must provide payment summaries to their employees no later than 14 July. Employers must also send their payment summary annual report to the Australian Taxation Office no later than

Top 10 most forgotten tax deductions


1. Union Fees – If you pay these each year you are entitled to a tax deduction. If you are entitled to a tax deduction, remember to include this item under D5-Other work related expenses 2. Donations – Donations of $2 or more to an appropriate charitable organisation is tax deductible if you have a

Research & Development Tax Incentives


The Research & Development (R&D) Tax Incentives is the Australian Government’s way of encouraging investment in R&D activities. If the company has a turnover of less than $20 million per year they are able to obtain a refundable 45% tax offset. Otherwise a non-refundable 40% tax offset is obtainable for those with a turnover of

Accrued Director Fees


Back in the latter half of 2011 to early 2012 the issue of accrued director fees was popular to talk about as the ATO released a taxpayer alert warning against the misuse of this deduction. It wasn’t a new issue, so why was there the sudden interest? We’d like to put a retrospective on this

Protect Your Superannuation from Scams

Protect your Superannuation from Scams

The Institute of Chartered Accountants have revealed that between 2007 and 2012, approximately 2600 Australians were scammed out of over $113 million in superannuation. How? It is important to note that these scams have affected Australians from all walks of life, including those who consider themselves to be financially savvy. The extent to which these

Clothing Uniform Expenses – Work Related Deductions

Man in tax deductible protective clothing

The Australian Tax Office (ATO) does not allow you to claim a deduction for your work clothing, dry cleaning or uniform where: Your uniform is a plain uniform with no specific logos/markings on it; You wear your normal clothing/shoes to work- even if they are to protect you: Clothes that you are required to wear