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

Are you an employer?

Posted by Team AVS on 24 May, 2024 0 Comments

If you're an employer, it’s time to review your end of financial year (EOFY) employer tax and super obligations.

As an employer, it’s important you keep on top of your payroll governance. This includes:

using your tax and super software to record the amounts you pay
withholding the right amount of tax
calculating super guarantee (SG) correctly.

As 30 June gets closer, check your employer reporting obligations, along with any u

Tax schemes aren’t worth the risk

Posted by Team AVS on 14 May, 2024 0 Comments

The ATO takes unlawful tax schemes very seriously and we continue our focus on deterring and disrupting promoters.

I recently posted this article about unlawful tax schemes on my LinkedIn. The ATO takes unlawful tax schemes very seriously and we continue our focus on deterring and disrupting promoters of unlawful tax schemes.

As the Deputy Commissioner of Private Wealth (Behaviors of Concern), a priority of my area is to identify, disrupt,

Fringe benefits tax (FBT) time is here

Posted by Team AVS on 29 Apr, 2024 0 Comments

If you're an employer offering staff perks, get ready to lodge your FBT return and pay the FBT you owe.

From 1 April, it's a new fringe benefits tax (FBT) year.

If you're an employer and have provided certain benefits to your staff in addition to their salary and wages, it's important to understand how FBT works and what is considered a fringe benefit.

Perks that could attract FBT include providing employees with a work car (including

Taskforce action on false invoicing arrangements

Posted by Team AVS on 17 Apr, 2024 0 Comments

The Serious Financial Crime Taskforce is targeting false invoicing and other illegal financial arrangements.

Businesses involved in illegal false invoicing arrangements

The Serious Financial Crime Taskforce (SFCT) is warning businesses about using illegal financial arrangements such as false invoicing to cheat the tax and super system.

What is false invoicing?

False invoicing arrangements involve issuing invoices where no goods or s

New EV home charging rate

Posted by Team AVS on 11 Apr, 2024 0 Comments

Some users of electric vehicles (EVs) are faced with the challenge of calculating electricity costs incurred when charging their electric vehicles at home. This applies to employers providing EVs to staff for personal use, or employees who incur work-related car expenses.

To address this, the ATO have issued a new guideline to help calculate the cost of electricity when an EV is charged at home.

The guideline provides a shortcut method to d

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd

AVS Business Services have been our tax advisers and accountants for more than 3 years now. We have a great working relationship and constantly receive industry updates and useful information for our business. I would recommend AVS to any one as I feel they provide a very professional, timely and accurate service. They are well versed in Tax and superannuation legislation and support all of our business needs. They are a pleasure to deal with and we are sure that we are always dealing with advisers who understand business very well.

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

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees