Category: Tax planning

Avoid double dipping on your deductions

Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year. Some of theses ‘double dipping’ mistakes include: Working from home expensesA common mistake involves using the ‘shortcut method’ to claim working from home expenses and then claiming additional amounts for expenses

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Changes under STP expansion

Employers need to prepare for changes under STP expansion Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll. Some digital service providers (‘DSPs’) needed more time to update their products

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ATO support for businesses in difficult times

The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: Give the business extra time to pay its tax; Set up a payment plan

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Employee or independent contractor: Impacts for PAYG & SG

The distinction between who is an employee and who is an independent contractor has been an evolving and lengthy process. To check if your worker is an employee or contractor, you need to consider the whole working arrangement. There are a number of factors that need to be considered, not just the terms of the employment

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Merry Christmas and Happy New Year

With Christmas and New Year just around the corner, we would like to take the time to thank you for your continued support. Our office will be closed from the 17th of December and reopen on Monday the 10th of January 2022. From all of us at Omega, we wish you and your family a

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Christmas / Year-End Parties / Gift FBT Liability

As the Christmas / Year-End party season nears, a reminder about Fringe Benefit Tax (FBT) liability, noting the heightened risks this time of year traditionally brings. “After the year that’s been, some bosses may wish to treat their employees to a bigger than usual Christmas party or gift as a way of saying thank you.

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Apply for a Director ID

APPLYING FOR A DIRECTOR IDENTIFICATION NUMBER Recent legislation has introduced new obligations for company directors requiring them to obtain a personal director identification number (‘Director ID’). Below, we highlight your new obligations and provide the appropriate information to ensure your ongoing director compliance. This is particularly important as failure to comply with these new Director

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Reminder for first-time share investors to declare income

With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time share and Exchange Traded Funds (‘ETF’) investors. The ATO is concerned that first-time investors often do not understand their tax obligations in relation to reporting capital gains from the sale of shares and income in

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Travel allowances and ‘LAFHAs’

The ATO has released a ruling explaining: When an employee can deduct accommodation and food and drink expenses when travelling on work; The FBT implications, including the application of the ‘otherwise deductible rule’, where an employee is reimbursed for accommodation and food and drink expenses, or where the employer provides or pays for these expenses;

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ATO warns property investors about common tax traps

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money. The most common mistake rental property and holiday homeowners make is neglecting to

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