Protect Yourself Against ATO Scams
Death and taxes. Not only are both certain to happen, they also both scare people, and quite understandably. Phone scams are all too common these days, and clever scammers are targeting the scared and naïve, attempting to intimidate vulnerable people into paying a non-existent tax debt over the phone. How do you spot a phone scam and how can you protect yourself? Whilst ‘The Taxman’ is sometimes cast as the villain, the Australian Taxation Office does respect your privacy and safety. If you have any kind of debt owing to the ATO, the first you hear about it will not be an aggressive automated message or phone call threatening to carry out an arrest warrant. Scammers impersonating the ATO usually demand payment using wire transfer, which is almost impossible to trace, and will often leave a VOIP number should a message be left. The ATO, or any other government department or financial institution will never request a wire transfer of funds, and will, provide you with an Australian land line phone number. Should a payment be required, you will receive the details of legitimate and traceable transaction facilities. You should never send money via wire transfer to anyone you...
Read MoreWill The $20,000 Write-off Work For You?
If you don’t really focus on the tax and bookkeeping end of your business, you might not be aware of a proposal that will allow small business owners to take an immediate tax deduction of $20,000 for most of their capital purchases. This is in stark contrast to the $1,000 limit for last year, which was a reduction from the prior $6,500 limit. Currently, the $20,000 write-off is only a proposal in the 2015-16 Federal Budget, and it will still need to be voted on and passed in the Senate to go through. While some details remain unclear, it is expected to pass quickly and be available immediately and run through June 30, 2017. Currently, the deduction would apply to assets that are new or second hand, and can also be applied on a per asset basis. This means that you could conceivably have more than one asset that costs up to $20,000 to qualify for the write-off as long as they are installed and ready to use before June 30, 2017. Assets that cost $20,000 and over can still be depreciated at 15% in the first year and 30% each succeeding year using the small business simplified depreciation...
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