Tuesday 24 January 2017

ARE YOU WORKING FROM HOME AND WANTING TO CLAIM A TAX DEDUCTION FOR CERTAIN EXPENSES?


Are you working from home and wanting to claim a tax deduction for certain expenses?
 
      Substantiation of expenses is required and particular items that can be claimed are:  
  • Home Telephone & Internet
  • Electricity
  • Computer
  • Mobile Phone
  • Gas & Heating
OR
  
     The claim is based on a hourly rate of 45c per hour.
  
The link below gives you a guidance on a number of items of expenditure that can be claimed if you are a salary & wage earner and are required to work from home at times:

https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Home-office-expenses/

 Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

 

Wednesday 18 January 2017

WORKING HOLIDAY MAKER EMPLOYERS


If you are employing Working Holiday Makers (Visa Sub-Class 417 and 462), you should be aware of new reduced tax withholding rates that are applicable from 1 January 2017. Where an employer does not register with the ATO by 31 January 2017, employees will not be eligible for the reduced rates and will be taxed at 32.5%. In addition, you may be subject to penalties for failing to register. 

Please refer to the attached link for more in depth discussions on the above:
 

ARE YOUR WORKERS EMPLOYEES OR CONTRACTORS



When hiring a worker it’s important to check if they'll be an employee or contractor of your business. 
 
You need get this right because it affects your tax, super and other obligations. Incorrect treatment of your employees as contractors may result in your business having to pay penalties and charges.
 
The six key considerations to take into account are: 
  • Workers ability to subcontract/delegate
  • Basis of payment for work completed
  • Who provides the equipment, tools and other assets
  • Who carries the commercial risk of the work
  • Who has control over the work
  • Level of independence of the worker  
The Australian Taxation Office has an anonymous web based tool that can be useful to determine whether a worker is an employee or a contractor. It, together with further information on this topic, is located at:

Wednesday 11 January 2017

ISSUES FOR DEPARTING TAXPAYERS


 

The following are potential issues when taxpayers relocate overseas:
  
  • Capital Gains Tax may be triggered in relation to deemed disposal of worldwide income of investments
  • HELP Debt - assessment in relation to calculation of HELP debt repayments 
 
Please refer to the attached link for more in depth discussions on the above.


 Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.