Dumb ways to get a tax audit !

By |2024-02-19T13:52:37+11:0017/07/2023|Categories: Blog, Taxation|Tags: , , , |

A tax audit is often a result of business owners not doing something that's the norm. Doing dumb things that alert the ATO that some things are not quite right. It is becoming imperative that you prepare your GST records appropriately to avoid unnecessary scrutiny by the Taxation Office which may lead to a tax audit for your Bas. These include:  Failure to allow for car expenses for vehicles that are used partly for business purposes.  Claiming all the GST paid on the following expenses: (similar to last year )o car operating expenses, a log book must be [...] READ MORE

Gst at property settlement is a cashflow trap for those mum and dad developers.

By |2023-06-12T18:39:09+10:0012/06/2023|Categories: Blog, Taxation|Tags: , , |

GST at property settlement is a tax that needs to be deducted at settlement. It continues to catch out Mum and Dad developers walking the cashflow-type rope. Many are not aware that they will only have effectively 90% of the sale at settlement to play with. This can cause pain as interest rates bite and property prices decline in some areas. Since July 2018, you may need to pay GST at settlement if you are selling or buying new residential premises or potential residential land. How GST is paid for certain property transactions affects purchasers, suppliers, and their financiers. For [...] READ MORE

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