When claiming for business/work-related car expenses, many miss out on maximising their deduction due to inadequate record keeping. Also, failing to maintain a valid car log book can cost taxpayers dearly in the event of a tax office audit.
A regular question for most business owners is “how long do I have to keep staff records?” The answer is – it depends… however, the records should be in plain English, easy to read and not altered in any way.
With the ATO’s recent warnings that they will be reviewing work-related deductions this financial year it is important you have sufficient records of your work-related deductions. For a simplified way of tracking your work-related deductions throughout the year, then look no further than the ATO’s myDeductions App. This handy app is available on your phone.
We understand life can be busy, however it is important to stop and check that you are being paid your legally-entitled superannuation. Employers, regardless of how big or small the business is, are required by Federal Government law to pay at least 9.5% of all eligible workers’ ordinary time earnings to their superannuation accounts if […]
The government has been listening to the challenges that face small business with the reporting requirements on small business. They define small business being a business with a GST turnover less than $10 million. From 1st July, there is now simpler reporting requirements for your BAS. The big change is the data that you need […]