With interest rates at all-time lows, many people have been frustrated by their inability to secure new lending due to the harsh lending criteria. After the Royal Commission into the banks, there was seen to be a tightening of borrowing conditions and many borrowers found themselves unable to satisfy all the new requirements.
Business owners are often very wary of their tax debts and need to get their lodgements in on time. However they are sometimes surprised and unaware that their employee super commitments are arguably more important to get done.
Each year Elysium offers clients the opportunity to take out audit insurance. This insurance covers clients for the cost incurred by their accountants in responding to any audit from the ATO or any other tax agency.
Under FBT legislation, employers do not need to pay FBT for costs paid on behalf of employees for trips to and from work.
With the financial year just ending, the ATO has recently released a series of announcements detailing their audit focus for the upcoming tax season. Following our first article another focus is on rental properties after recent audit activities revealed errors in 9 out of 10 rental property tax returns.
With the financial year just ending, the ATO has recently released a series of announcements detailing their audit focus for the upcoming tax season.