The ATO Warns Gig Economy Workers To Declare Their Income, Or Face Severe Penalties
The inexpensive and profitable side hustle is under the ATO’s watchful eye when it comes to declaring income this tax season. With many gig economy workers often earning their income as independent contractors, the ATO warns that a failure to report all income from all of the work that they carry out could land them with severe penalties.
What Engaging A Business Adviser Can Do For You ?
Feel like your business is stuck in a rut? Unable to solve a problem that you know is going to cost you in the long run? It might not be financially tanking, and it’s highly likely that your revenue stream isn’t down, but if you’re not sure what direction to take, it could also mean that you need a fresh pair of eyes to take a look at particular issues that your business is facing to deal with them.
This Year’s Tax Return Won’t Be A Simple Copy/Paste Affair
Due to the impacts of COVID-19, how Australians claim work-related expenses on their tax returns every other year is sure to be different this year. The ATO is warning Australians that they will be watching what is claimed and how the impacts of COVID-19 are reflected in tax returns.
Preparing For Your Employee’s Performance Review
The performance review process is an integral part of a business that ensures that all staff (old and new) know their roles and responsibilities and perform them satisfactorily.
What Does The Non-Concessional Cap Increase Mean For You?
The Federal Budget dropped on Tuesday, 11 May, with many announced amendments and changes that affected the superannuation and SMSF sectors. Non-concessional contributions increased maximum limits were announced and would come into effect as of 1 July 2021, increasing the cap from $110,000, up from the previous cap of $100,000.
Are You Using The Shortcut Method To Claim Your Work From Home Deduction?
There’s a new normal in how Australians are approaching their work, with remote working now a more viable option for businesses and their employees, and it’s affecting the way that Australians now make claims for tax.