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Small businesses (with fewer than 20 employees) are now covered under Single touch payroll reporting rules

Posted by Team AVS on 15 Feb, 2019  0 Comments

With the passage of relevant law on 12 February 2019 by Australian Parliament, more than 700,000 Australian small businesses are set to be covered by the ATO's single touch payroll rules.

Single Touch Payroll (STP) rules require that employers have to report information related to employees’ tax and super to ATO with every payroll event instead of monthly or quarterly reporting. So, every time a business does a pay run, information through S

Guide to making motor vehicle expense claims

Posted by Team AVS on 7 Feb, 2019  0 Comments

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses.

Key points to keep in mind include:

the way a claim is calculated depends on your business structure
if business changes structure, your entitlements and obligations may also change
you must apportion expenses between business and private use

Insurance cover through your SMSF can be tax deductible

Posted by Team AVS on 29 Jan, 2019  0 Comments

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF.

The same concession applies for any super fund, but the deductibility is available to the fund itself — therefore previous members of retail o

How to pay your BAS?

Posted by Team AVS on 21 Jan, 2019  0 Comments

The quickest and easiest way to pay your BAS is with BPAY, a credit or debit card.

You can also pay using a payment reference number (PRN) if you lodge online.
Early payments to offset future BAS
To offset your future BAS liability, you can voluntarily make early payments. You will need your PRN, and you can use any of the available payment methods.
Payment reference number (PRN)
A payment reference number is your unique identifier that en

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