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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

EOFY tips for your tax plan

Posted by Team AVS on 7 May, 2021  0 Comments

The financial year is almost over, but there are still effective strategies you may be able to put in place.

The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.

While the best strategies are adopted as early as possible in a financial year and not at the end, it’s worth remembering pr

Refinancing loan interest may be deductible to a partnership

Posted by Team AVS on 21 Apr, 2021  0 Comments

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.

Tax law also provides for the notion of a “tax law partnership” – which occurs when individuals are in receipt of income jointly

When it comes to real estate and CGT, timing is important

Posted by Team AVS on 6 Apr, 2021  0 Comments

When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:

You enter into the contract (the date on the contract), not when you settle. The fact that a contract is subject to a condition, such as finance approval, generally doesn't affect this date.
The change of ownership occurs if there is no contract – such as when a property passes to a b

Make sure you update your ABN: It can be vital

Posted by Team AVS on 25 Mar, 2021  0 Comments

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.

This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount of ABN data was out-of-date.

The ATO and the Australian Business Register are making efforts to rem

Unexpected lump sum payment in arrears? There’s a tax offset for that

Posted by Team AVS on 16 Mar, 2021  0 Comments

A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The tax offset that can be utilised with these sorts of payments works to alleviate the problem of a taxpayer being expected to pay more tax in a year when a lump sum of back payments is received — where they would be disadvantaged by paying more tax than if the income had been spread over several income years.

The general rule is that employment

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