Wednesday, 26 July 2017 Sydney
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Invest In Australia Blog::

  • Don’t take your tax return for a ride

    Tax time is coming and the Australian Taxation Office (ATO) wants people involved in ride-sourcing to make sure they understand their tax obligations.

    Assistant Commissioner Tom Wheeler said that drivers in the sharing economy should be aware that anything they earn is assessable income that needs to be included in their tax return.

    “It pays to know what your tax obligations are as a driver so you can report and fulfil them correctly from the start,” he said.

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  • Taking time to get your tax right

    Tax time tees off this weekend and the Australian Taxation Office (ATO) is reminding taxpayers to take their time to get it right.

    Assistant Commissioner Kath Anderson said 2.8 million people lodged their tax return in July last year, which is 22 per cent of all tax returns lodged for 2015-16.

    “We know that some taxpayers like to get in early and lodge in the first month of tax time, but our analysis shows that if you lodge in July, you’re far more likely to make a mistake by leaving out some of your income,” Ms Anderson said.

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  • New international day recognises importance of small business

    The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has welcomed United Nations recognition of small business as a driver of employment and economic development.

    Tuesday 27 June has been designated Micro, Small and Medium-sized Enterprises Day.

    A resolution was adopted unanimously at the UN General Assembly in April.

    The assembly noted that more than 95 per cent of enterprises in the world are micro, small and medium-sized and they account for about 60 per cent of international private sector employment.

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  • Fintech small business lenders support research survey

    New research will aim to establish current trends and best practice in the growing fintech lending market to small and medium-size enterprises (SME).

    Fintech small business lenders will be surveyed as part of a collaborative research project by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) with industry organisation FinTech Australia and independent SME finance expert Neil Slonim from theBankDoctor.org.

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  • Australian Competition Tribunal decision on Tabcorp-Tatts merger

    The Australian Competition Tribunal has formally made its determination granting merger authorisation for Tabcorp to acquire Tatts and has today published its reasons for decision.

    In November 2016 Tabcorp sought informal merger clearance from the ACCC to acquire Tatts.

    Shortly after the ACCC released its paper seeking views on potential competition issues in March 2017, Tabcorp withdrew its application for informal clearance and instead lodged an application with the Tribunal for authorisation of its proposed acquisition of Tatts. 

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  • ACCC proposes to grant bulk wheat Port Code exemptions at the Port of Geelong and Port Adelaide

    The Australian Competition and Consumer Commission has released draft determinations proposing to exempt Riordan Grain Services and Semaphore Container Services from certain parts of the mandatory Bulk Wheat Code in relation to their respective operations at the Port of Geelong and Port Adelaide.

    “Riordan and Semaphore will both face significant competitive constraint from larger operations. The ACCC’s preliminary view is that it is appropriate to grant exemptions to these smaller players,” ACCC Commissioner Cristina Cifuentes said.

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  • ACCC won't oppose Cabcharge buying Yellow Cabs in Queensland

    The Australian Competition and Consumer Commission will not oppose the proposed acquisition by Cabcharge Australia Limited (ASX:CAB) of Yellow Cabs (Queensland) Pty Ltd.

    Yellow Cabs is one of the two large taxi networks in Brisbane, with a market share of approximately 50 per cent. While Cabcharge does not currently operate any taxi networks in Queensland; it does provide non-cash payment services and equipment.

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  • Taking care of business

    The Australian Taxation Office (ATO) is encouraging small businesses to get a head start on the new financial year by taking care of business now.

    Assistant Commissioner Deborah Jenkins says that thousands of small businesses register every month, which means there are a lot of new business owners about to have their first tax time experience.

    “We understand that around 50 per cent of small businesses come under financial pressure within the first year, and one of the biggest issues is cash flow,” she said.

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  • Tax Time 2017 work-related expenses audio and video grabs

    One of the ATO’s main focus areas this year is incorrect claims for work-related expenses.

    These recordings feature Assistant Commissioner Kath Anderson discussing why it’s important to know what can and can’t claim before you lodge and the three golden rules for making work-related expense claims. The audio file (WAV 11.7 MB) and video fileExternal Linkare available for media use.

    Audio transcript

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  • Don't be a dummy with your deductions

    The Australian Taxation Office (ATO) is warning taxpayers to avoid incorrect claims for work-related expenses at tax time this year.

    Assistant Commissioner Kath Anderson said the ATO is using real-time data to compare taxpayers with others in similar occupations and income brackets, to identify higher-than-expected claims related to expenses including vehicle, travel, internet and mobile phone, and self-education.

    “It is important to know what you’re eligible to claim before lodging your tax return and to make sure you don’t claim more than you’re entitled to,” Ms Anderson said.

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