The tax-free threshold for low-income earners

The tax-free threshold remains as $18,200, however, the low-income tax offset has been significantly reduced from 01.07.2022 to a possible $700 down from the possible $1500 in 2021/2022 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 2021/2022 ATO tax rates are 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

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

Home Based Businesses

Many people who received termination payments last year used the fund to start home-based businesses. Now, they are facing the first year of having to claim tax deductions for their home offices. With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. read more

Get a year end tax health check

In tax, timing is everything. With the end of the year here it is time for businesses to tidy up loose ends before the new tax year really begins. read more

Guide to claiming business deductions

You can claim most expenses you incur in running your business as deductions to reduce your assessable income. The rules can vary depending on the business structure you operate under and the nature of each expense. read more

Are your business systems costing you time and money?

compliance-made-easy-package Business systems may fail because they are not set up properly to start with or because they are left unchecked for long periods of time. Whether you are a new or established business. read more