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September 9, 2019
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September News

Do You Need To Lodge TPAR Obligations?


http://Do you need to lodge TPAR? Business clients covered by the extension of the taxable payments reporting system have been reminded to start keeping records of contractor payments, with the reporting period now in play.

With the TPRS now extended to the road freight, security, investigation, surveillance and information technology (IT) industries, clients have been reminded to begin tracking contractor payments from 1 July 2019, with the first taxable payments annual report (TPAR) due on 28 August 2020.

Businesses that provide a range of services — known as “mixed services” — may also need to report if payments they receive from road freight, IT or security, surveillance and investigation services make up 10 per cent or more of their total GST turnover.

According to the ATO, the TPRS prevented $2.7 billion from being lost to the black economy in the building and construction industry in 2015–16, justifying its extension to the courier and cleaning space last year and the further extension to the three new industries this year.

The ATO will use data provided in the TPAR to identify contractors who may not be doing the right thing with their tax, including not reporting income, failing to lodge tax returns or activity statements, not registering for GST or using a false Australian Business Number (ABN).

 

Airbnb Renters To Be Under Tax Office Scrutiny

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http://AIRBNB Similarly to last year, users of the highly popular Airbnb platform will struggle to get away with illegal deductions on their 18/19 tax return. The ATO has announced that they will make a significant effort to track down nearly $8.7 billion in expected tax revenue.

By making use of modern data-matching technology, the ATO can receive information regarding the use of homes being rented online. They can compare your property against others in the area to ensure you are within a similar tax bracket. If not, you will become a target for inquiry.

In particular, the ATO believes there will be a number of incorrect claims during periods of no tenancy. In order to claim any deductions, taxpayers must have evidence that their home was available in these periods and not used for private purposes.

There are a number of tax laws and regulations surrounding online rental
deductions. Some of the major notes to remember include:

  • The income you receive is definitely taxable, contrary to what you might
    have heard.
  • Some expenses can be claimed in full, like the cleaning, depreciation on
    furniture used, Airbnb fees etc.
  • Other expenses (interest, rates, electricity, etc) can be claimed but must
    be apportioned based on how much of the house has been rented and how
    much of the house is to be shared.
  • The expenses also need to be apportioned according to the number of
    days the extra rooms are genuinely available for rent.
  • CGT is applicable on the small portion of time that the whole home was not
    your principle place of residence.

The laws are alike for other online rental platforms, such as Stayz.

To ensure you are receiving a great tax return, without making illegal deductions, you should turn to a property tax specialist for assistance.

 

 

How to avoid getting scammed this tax time!

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http://Is it a SCAM? What’s more concerning is that scammers are becoming more sophisticated with their tactics, often posing as official accounts like banks, the taxation
office, popular retailers, and even as family, friends or work colleagues. This type of scam is called phishing and uses plausible deception, often conducted
by organised cyber criminals who go to great lengths to seem genuine and are extremely persuasive.
A recent example of this is the myGov tax scam, with the ATO receiving 6,444 reports of tax-time scams impersonating the agency within the
month of June alone. These scam messages often include links that direct you to fake websites or login pages, where you enter your login details and fill out
your personal details to claim a “refund”. Scammers can then use this information to commit credit card or tax fraud and identity theft.
As we are in the midst of Scam Awareness Week, here are some tips so you know how to stay better protected and out of the scammers’ cross hairs:
One of the simplest and most effective methods of staying protected is using better passwords.

You should always use a unique password for each of your digital accounts. Include a mix of characters (uppercase, lowercase, symbols and numbers),
avoid words straight out of the dictionary, and make your password as long as possible — ideally no shorter than 14 characters. I generally recommend that
people use complex phrases for their passwords.

The longer the password is, the harder it becomes to crack or brute-force attack, which simply means it takes longer for a hacker’s computer to correctly guess it.
Memorising complex, unique passwords for every online account is nearly impossible and can result in users cutting corners at the expense of their own
security. For example, our LastPass research shows that people re-use their personal credentials across their home and work environments — which can
then open up their workplace to password spraying attacks and a whole lot of risk.

Thankfully, there’s technology available that can make managing your passwords easier and more secure. By using a password manager, remembering
more than one password can be a thing of the past. All the work is done for you, and it’s the easiest way to ensure your accounts are secure and protected.
Multi-factor authentication is also a great way of adding an extra layer of security to your accounts, as an additional piece of information will be required
(such as a one-time code or fingerprint) before access is granted. This ensures an attacker won’t be able to gain entry into an account even if they do obtain
the password. Lindsay Brown, vice-president of APAC and Japan, LogMeIn

 

The Benefits Of Integrating With ReceiptBank

Image result for receipt bank logo

http://Receiptbank Are you tired of chasing your team for their expense receipts? By integrating ReceiptBank into your company’s processes, your team can instantly capture their receipts and invoices as they occur. Your Bookkeeping Angel has saved hundreds of hours by integrating ReceiptBank for our own expenses as well as client accounts.

Benefits of ReceiptBank for business:

1. You don’t have to dig receipts out from emails, car or bag at the end of each month
2. Automate your team’s receipt and invoice capture
3. No need to manually enter receipt information into Xero
4. No double handing of data entry
5. No downloading or saving of email receipts to your computer

With lots of automation tools and some pretty cool tech, ReceiptBank have covered of many parts of the invoice capture and entering into the accounting system
process. Each piece of their service offering comes together to either fully automate or at least streamline and reduce the overall time it takes to capture the data from
your receipts and get them entered into your accounting system.

As ReceiptBank partners we offer this tool with the Platinum and Gold package, Bronze or Silver package it is $15 per month. We have seen a number of our clients’
bills come down as a result of implementing ReceiptBank. For others it has increased the capture and retention of data through less lost receipts and others it
reduces the time spent on admin tasks.

Contact us to find out more about how we can reduce your admin time and expense
and increase your team’s efficiency and data retention.
Happy ReceiptBanking!

SEPTEMBER ATO DATES

21 September 2019
Lodge and pay August 2019 monthly business activity statement.
30 September 2019
Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax
agent.

30 September 2019

All set up for STP – (Single Touch Payroll) to start reporting

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