Blog

View a selection of articles and blog posts by Trak Accounting.

Taxable Payment Reports: compulsory for building and construction businesses
June 15, 2016
Are you in the building and construction industry? Do you know that you need to report detailed information to the ATO about all the building and construction contractors you have paid each year? No? Well read on…. I’ve noticed that many business owners in the building and construction industry are Read More »
The Superstream Deadline and What it Means for Small Business
May 09, 2016
Superstream is a national, electronic superannuation payments system that replaces a number of other payment options that were available around Australia. With one consolidated solution for all employers, the ATO hopes to streamline superannuation payments and ensure that all employees get their entitlements as required by law. While large employers Read More »
Should you be employing or contracting?
April 21, 2016
A common question for businesses needing some work done is: should we employ a new person, or simply contract the work out? The answer isn’t a straight ‘yes’ or ‘no’, as it depends heavily on your business, the work to be done, and the person who might be doing Read More »
Builders beware: ATO closing the primary place of residence loophole
October 11, 2015
A popular method of avoiding taxation in the past has been to buy a property, build or renovate, live in the residence for twelve months (satisfying the appearance of ‘primary place of residence’), then selling the property – and buying another property to repeat the cycle. This takes advantage Read More »
Should you declare income when renting rooms in your home?
September 23, 2015
A popular method of avoiding taxation in the past has been to buy a property, build or renovate, live in the residence for twelve months (satisfying the appearance of ‘primary place of residence’), then selling the property – and buying another property to repeat the cycle. This takes advantage Read More »
FIFO Workers – Will You be Sweating Under ATO’s Spotlight this Year?
August 22, 2015
Amongst the Australian Tax Office’s targets this year are work-related deductions – especially relating to fly-in-fly-out (FIFO) workers. So how can you avoid getting caught in the net? The obvious answer is to not to do the wrong thing. Well, that’s always a good start – but the rules around Read More »
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