On your mark, get set, lodge!

Posted by Team AVS on 8 Aug, 2024 0 Comments

The ATO advises taxpayers that their income tax return is ready to lodge.

The Australian Taxation Office (ATO) advises taxpayers with simple affairs are now in a great position to lodge their tax return. With millions of pieces of information now pre-filled, the ATO is giving taxpayers the green light to lodge.

ATO Assistant Commissioner Rob Thomson said the ATO has now pre-filled tax returns with information from most banks, employers, gov

Rental property – repairs or capital expenses?

Posted by Team AVS on 31 Jul, 2024 0 Comments

When your clients have work done on their rental property, make sure it's categorized correctly to avoid errors when including it in their tax returns.

Consider these factors to determine claims for expenses:

Repairs and general maintenance are expenses for work done to remedy, or prevent, defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the year the expense occurred.
Initial repa

Stay safe online – Cyber hygiene habits for business

Posted by Team AVS on 25 Jul, 2024 0 Comments

Protect your business from common cybersecurity threats this tax time.

With tax time in full swing, it’s important to keep your business secure online and put systems and processes in place to help reduce the risk of a cyber event. You should also plan for what you’ll do if a cyberattack occurs.

Every Australian business is a target for cyberattacks. In the 2022–23 financial year, the average cost of cybercrime for small businesses in

The small business energy incentive is now law

Posted by Team AVS on 19 Jul, 2024 0 Comments

The small business energy incentive supports your clients' energy needs while giving them a bonus tax deduction.

If your business clients (with an aggregated turnover of less than $50 million) are thinking of upgrading or purchasing a new asset that helps improve energy efficiency, talk to them about the small business energy incentive.

This new measure gives them the opportunity to claim a bonus deduction equal to 20% of the cost of eligi

Energise your business

Posted by Team AVS on 11 Jul, 2024 0 Comments

Businesses (with an aggregated annual turnover less than $50 million) will have access to a bonus 20% tax deduction with the small business energy incentive (“the incentive”). This applies to new assets, or improvements to existing assets, that support more efficient energy use.

Eligible assets must be both first used or installed ready for use for any purpose, and used or installed ready for use for a taxable purpose, between 1 July 2

ATO warning to rental property owners: don’t let your tax return be a ‘fixer-upper’

Posted by Team AVS on 2 Jul, 2024 0 Comments

The ATO warns rental property owners to ensure that their tax returns are correct this tax time.

The Australian Taxation Office (ATO) is warning rental property owners that their tax returns are in the spotlight this tax time.

ATO Assistant Commissioner Rob Thomson explained the ATO has found the majority of rental property owners are making errors in their tax returns, despite 86% using a registered tax agent.

The most common mistake is

Small Business – Get ready for tax time

Posted by Team AVS on 25 Jun, 2024 0 Comments

Are you ready for tax time?

This might be your last chance to make any tax-deductible purchases before this financial year ends on 30 June. See if there are any tax-deductible items your business needs, or any concessions you can access.

Finalize your employees' Single Touch Payroll (STP)

If you have employees, make sure you finalize their 2023–24 STP information by 14 July. This is an important end-of-year obligation and ensure

Eligibility for the small business restructure roll-over

Posted by Team AVS on 19 Jun, 2024 0 Comments

We’re checking that the small business restructure roll-over is being used correctly.

We’re concerned some wealthy groups are using the small business restructure roll-over (SBRR) for reasons other than a genuine restructure of an ongoing business.

The SBRR allows the tax-free transfer of active assets from one entity to another, but only when that transfer is part of a genuine restructure.

We’re engaging with some tax profession

Support available to businesses experiencing difficulties

Posted by Team AVS on 11 Jun, 2024 0 Comments

Find out what you can do if you're struggling to pay your tax bill in full and on time.

Paying your tax bill in full and on time will help you avoid paying the general interest charge (GIC), which is currently 11.34% and accrues daily for any overdue debts. But if your business is dealing with some financial difficulties, there is support available.

Struggling to pay in full or on time?

You may be eligible to set up a payment plan. If y

ATO flags 3 key focus areas for this tax time

Posted by Team AVS on 3 Jun, 2024 0 Comments

The ATO announces its priorities for Tax Time 2024.

As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers:

Incorrectly claiming work-related expenses
Inflating claims for rental properties
Failing to include all income when lodging

ATO Assistant Commissioner Rob Thomson said the ATO is focused on supporting taxpayers to get their lod

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Justin Wilson CEO, J.W.W Trading Pty Ltd