RBizz Solutions Corporate Accounting & Advisory
RBizz Solutions Corporate Accounting & Advisory
One-Stop CFO Accountants Raising Businesses Globally

Tax Returns

Blog tagged as Tax Returns

Changes to personal tax rates announced by the federal government
The Labor Government has announced changes to personal tax rates that will provide a tax cut for every Australian taxpayer commencing from 1 July 2024.
RBizz Team
30/01/2024 12:17 PM - Comment(s)
Tax deductions to be denied for interest charged by the ATO
The Federal Government announced in the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO) that amendments will be introduced to deny deductions for ATO interest charges, incurred on or after 1 July 2025.
RBizz Team
23/01/2024 03:15 PM - Comment(s)
R&D tax incentive claims — ATO flags questionable arrangements
The ATO has released 2 taxpayer alerts flagging incorrect R&D tax offset claims where expenditure is incurred by associated entities or activities are conducted overseas for foreign related entities.
RBizz Team
15/01/2024 09:33 PM - Comment(s)
ATO guidance on employee vs contractor debate updated
Updated ATO guidance means you need to understand whether your contract for services are to an employee or an independent contractor. Getting it right can save you significant hassles and penalties.
RBizz Team
05/01/2024 01:47 PM - Comment(s)
Indentify the relevant depreciating asset - ATO's guidance on composite items
The ATO released draft TR 2023/D2 which provides guidance on whether an asset that is made up of a number of parts or components (composite item) is itself a depreciating asset, or whether one or more of its components are separate depreciating assets.
RBizz Team
16/11/2023 04:05 PM - Comment(s)
The ATO agent nomination process
Wondering about the ATO agent nomination process? If you are an existing client, you may not need to do anything. If you are a new client we'll send you information about the steps required to link to us.
RBizz Team
30/10/2023 04:15 PM - Comment(s)
Outstanding tax debts? ATO warns about disclosure to CRAs
The ATO is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies (CRAs).
RBizz Team
18/10/2023 03:26 PM - Comment(s)
ATO finalises guidance on the deductibility of costs relating to holding vacant land
The ATO has finalised the taxation ruling TR 2023/3, which provides guidance on the deductibility of expenses associated with holding vacant land.
RBizz Team
29/09/2023 03:36 PM - Comment(s)
Small Business Instant Asset Write-Off This Financial Year
Are you looking to purchase assets for your business? Eligible businesses can spend up to $20k per asset and immediately claim the tax deduction and GST. Talk to us about the best strategy for purchasing business assets.
RBizz Team
30/08/2023 01:37 PM - Comment(s)
Principal purpose of a commercial vehicle to determine application of Luxury car tax
The ATO has finalised the luxury car tax (LCT) determination LCTD 2023/1 which provides guidance on determining the principal purpose of a commercial vehicle for LCT purposes.
RBizz Team
14/08/2023 02:00 PM - Comment(s)
Claiming your bonus deduction for technology investment in the 2022–23 tax return
The small business technology investment boost wrapped up on 30 June 2023. For your 2022–23 tax return, we will be working with you to ensure you get the full bonus deduction that you are entitled to. Work through your next steps here.
RBizz Team
18/07/2023 02:13 PM - Comment(s)
Top 10 Tax Saving Tips for Salaried Aussies
Maximize your tax refund! Get the top 10 tax saving tips for salaried Australians. Learn how to implement effective strategies & take advantage of deductions & credits!
RBizz Team
03/07/2023 01:53 PM - Comment(s)
Navigating the Tax Maze: Compliance Challenges for Australian Medical Practices
Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.
RBizz Team
23/06/2023 05:34 PM - Comment(s)
Fringe Benefits Tax and Business
Do you offer your employees benefits in addition to salary and wages? If so, you may need to report FBT. Fringe benefits can help employees reduce their taxable income but you need to take care of the admin. Get in contact to learn more.
RBizz Team
20/06/2023 05:06 PM - Comment(s)
Avoiding Compliance Issues with the ATO: Common Mistakes for Doctors Running Businesses through Companies or Trusts
Discover common compliance issues faced by doctors running businesses through companies or trusts and learn how to avoid them. Stay compliant with the ATO to ensure smooth operations and financial success.
RBizz Team
20/06/2023 03:38 PM - Comment(s)
Upcoming changes to NALI provisions
Recent updates have been announced to the non-arm's length income (NALI) provisions applying to SMSFs.
RBizz Team
12/06/2023 04:31 PM - Comment(s)
Which business expenses can you claim against tax?
Want to cut your business costs? We’ve highlighted the business expenses that can (and cannot) be claimed against your ATO tax bill.
RBizz Team
08/06/2023 04:23 PM - Comment(s)
Lump sum payment in arrears to be exempt from Medicare levy
Lump sum payments in arrears may get an exemption from Medicare levy in limited situations.
RBizz Team
04/06/2023 05:02 PM - Comment(s)
Temporary full expensing is due to end soon – your tax deduction guide
As the end of the financial year approaches, the temporary full expensing rules will be coming to an end. Considering this, we explore the options that are now available for small and medium businesses to optimise their tax deductions.
RBizz Team
25/05/2023 05:41 PM - Comment(s)
Tax changes for build-to-rent accommodation
Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.
RBizz Team
22/05/2023 04:55 PM - Comment(s)