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Getting it right for super

Posted by Team AVS on 2 Feb, 2022  0 Comments

Paying super is an important part of being an employer. We know you do your best to keep up with paying your employees super, but things don’t always go to plan.

If you missed, or didn’t pay the full amount of your employees' super guarantee (SG) for the quarter ended 31 December 2021, you'll need to:

lodge a Super guarantee charge statement to us by 28 February 2022
pay the SG charge to the ATO.

By law, the ATO is unable to ex

Director ID: a requirement for company directors

Posted by Team AVS on 15 Jan, 2022  0 Comments

A director identification number (director ID) is a unique identifier that a director applies for once and keeps forever. Director ID is now a requirement for all directors.

Applications for a director ID are available at Australian Business Registry Services (ABRS). You'll need a myGovID with a Standard or Strong identity strength to apply for a director ID online.

Its important to note that you'll need to apply for your director ID yourse

On the road: How to treat work-related travel and living away from home costs

Posted by Team AVS on 23 Dec, 2021  0 Comments

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.

Certain conditions need to be met to ensure an allowance can be considered a travel allowance:

None of the individual absences from the employee’s usual place of residence exceed 21 days.
The employee is not present in the same work location for 90 or more d

Christmas and the Taxman

Posted by Team AVS on 13 Dec, 2021  0 Comments

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?

Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.

In certain circumstances, an employer can hold a Christmas party for staff and the cost of the party be exempt from Fringe Benefits Tax (FBT).

Home as a place of business during COVID: CGT implications

Posted by Team AVS on 4 Dec, 2021  0 Comments

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. These expenses include electricity, phone service, cleaning, decline in the value of equipment, furniture and furnishing repairs, and so on. To make things easier, the ATO even provided several “short-cut

When the taxman sends a bill, not a refund

Posted by Team AVS on 27 Jul, 2021  0 Comments

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion.

Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.

You may receive a tax bill if you

A business industry code may help with your tax outcome

Posted by Team AVS on 24 Jun, 2021  0 Comments

The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes.

The BIC provides information, advice, and a comparis

The tax treatment of cryptocurrency

Posted by Team AVS on 8 Jun, 2021  0 Comments

Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.

It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for payments by the general public. Instead, people are more

ATO warns on ‘copy/pasting’ claims

Posted by Team AVS on 28 May, 2021  0 Comments

The Australian Taxation Office (ATO) is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

Overall, around 8.5 million Australians claimed nearly $19.4 billion in work-related expenses in their 2020 tax returns.

Assistant Commissioner Tim Loh noted that COVID-19 has changed up people’s work habits, so we expect their work-related exp

Federal Budget 2021-22 : What it means for you

Posted by Team AVS on 12 May, 2021  0 Comments

The Government has decided not to go down the austerity path. The amount of net debt as a share of GDP is predicted to peak at around 40% by about 2025 when it was only at about 18% in 2017. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt that has been central to the Government’s response to COVID-19.

Key tax and supe

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.