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Record keeping for work-related expenses this tax time

Posted by Team AVS on 18 Jun, 2020  0 Comments

As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.

This may be an opportune time to review your claims to ensure they are applicable in the current financial year.

If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work

New HomeBuilder Scheme: What Scott Morrison’s new grant means for you

Posted by Team AVS on 9 Jun, 2020  0 Comments

The Australian government announced on June 4 that it would provide the eligible citizens with a grant of $25,000 to not only build a new home but also to renovate an existing.

The $688 million stimulus initiative will provide Australians money to spend on building or upgrading their home in a bid to support Australia’s struggling construction sector. The Home Builder program would provide new jobs in construction that would, in turn, grow n

Here’s what attracts the ATO’s attention about luxury car tax

Posted by Team AVS on 1 Jun, 2020  0 Comments

The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.

Common errors
Some common errors the ATO has identified when taxpayers report or claim LCT include:

using an incorrect formula or the wrong LCT threshold
dealers/resellers who deferred LCT, not reportin

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