When is a contractor not a contractor?

When is a contractor not a contractor? Mistaking an employee for a contractor can devastate any business, with fines of up to A$63,000 per breach. Contract work is definitely on the rise. A recent survey by PwC revealed that 46 per cent of global human resources (HR) professionals believe contractors or temporary workers will comprise at least 20% of their workforce by 2022. The sentiment is strongest in China, where half of the survey’s respondents believe traditional employment is being chipped away by an emerging preference among workers for greater freedoms, entrepreneurship and specialist skills. In Australia, 23% of employers say they now regularly engage contract or temporary staff – with another 44% employing them for special projects – according to the 2017 Hays Salary Guide. The Australian Bureau of Statistics estimates there are one million independent contractors currently working in Australia, representing about 9% of the workforce – an increase of 2% in the last six year. Why use a contractor? For a businesses looking to lower overheads and improve flexibility, contracting appears to be a perfect solution. In theory, employers can hire the resources they need, when they need them, without taking on the associated infrastructure and taxation overheads required for permanent employees. In Australia, […] read more

2018 Tax Return Questionnaire

2018 Tax Return Questionnaire Please complete this form to assist us in completing your income tax return 2018 Tax Return Questionnaire Rental Property Checklist South East access services is always of exceptional quality, focusing on: Business Development & Support Management Accounting Tax Return Preparation Stress-free reporting to the Australian Taxation Office read more

2017 Tax Return Questionnaire

South East access services is always of exceptional quality, focusing on Tax Return Preparation and stress-free reporting to the Australian Taxation Office. read more

The tax-free threshold for low-income earners

The tax-free threshold is $18,200, and the low-income tax offset reduced to $445. If your taxable income is under the tax-free threshold, there are reasons why they may still need to lodge an income tax return. The most common reason would be that you have pay as you go (PAYG) tax and do require to complete complete a tax return to claim any monies. Income tax rates 2017-18 ATO Weekly Tax Table https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/Weekly-tax-table-2018-19.pdf Taxable income 0 – $18,200   – Nil $18,201 – $37,000 – 19c for each $1 over $18,200 $37,001 – $87,000 – $3,572 plus 32.5c for each $1 over $37,000 $87,001 – $180,000 – $19,822 plus 37c for each $1 over $87,000 $180,001 and over – $54,097 plus 45c for each $1 over $180,000 Contact the team at South East Access for more information on your personal income tax return. read more

Is it a business or a hobby

You would normally be considered to be in business for tax purposes if you enter into an activity with the intention of running it as a profit-making business, and if the activity is carried out in a way that shows it has a significant commercial purpose and viability. read more

Maintain personal and business security to stop fraud

There are many different types of scams – online, phone, mail and face-to-face. Online scams, such as email ‘phishing’ scams are on the rise and are designed to trick you into giving away your money, passwords and personal details such as Your tax file number – TFN Date of Birth Protect yourself and/or business from a potential scam by: deleting any suspected scam email hanging up on a suspected scam phone call not sending money or giving away your financial details to anyone you don’t know or trust Ensure that one avoids sharing passwords and login details change passwords and remove user access when a staff member leaves secure tax records when they aren’t in use avoid circulating tax file numbers in emails unless it’s absolutely necessary ensure your computers have up-to-date security software, including anti-virus, anti-spyware, anti-spam and firewall protection. Tax Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or by third parties on behalf of others. Sometimes this involves identity crime, where taxpayer identities are used by third […] read more

Latest Tax Scam is hurting people

Latest Tax Scam is hurting people Scammers target job seekers - Don’t get caught. Don’t reveal to anyone you do not know your personal details, including your date of birth and tax file number. read more

Beaware of tax return scams

Beaware of tax return scams Tax Commissioner Michael D’Ascenzo has reminded the community and businesses to be aware and alert to scams claiming to be from the ATO. read more

Fraudulent emails about e-Tax

Fraudulent emails are circulating which pretend to be from the Australian Tax Office. Using social engineering tricks the criminals behind these emails try to trick you into providing personal information as a pretext to receiving a tax refund. This personal information can be used by the criminals to steal your identity. read more

Warning on tax scams

During the busy tax season, scammers will try to catch you off guard using phone calls, letters, text messages, emails, bogus websites and even false job advertisements to trick you into providing your personal details, banking information and pay money. read more