The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund. The SMS will advise impacted taxpayers that: Their refund cannot be processed due to incorrect bank account details. They should phone the ATO...
The holiday season is the most wonderful time of the year for more than a few industries: construction slows down, giving tradies a well-earned rest; big businesses shut down giving their staff time to spend with family; even Kothes gets an opportunity to shut down for a short time while we’re free of BAS and...
Source: Practice Update, National Tax & Accountants’ Association Ltd FBT and ‘entertainment’ Under the FBT Act, employers must choose how they calculate their FBT meal entertainment liability, and most use either the ‘actual method’ or the ’50/50 method’. Under the actual method, entertainment costs are normally split up between employees (and their family) and non-employees (e.g.,...
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on these claims this...
Bega Valley Shire Council Mayor Cr Kristy McBain visited Kothes to say a personal thankyou for Kothes Accounting Group’s donation to the Mayoral Appeal for Tathra and Reedy Swamp Fires. Over morning tea in the Kothes Bega office, Cr McBain chatted to Kothes staff about what stage the Appeal was at and future plans of...
We check our phones about 85 times a day. Chances are, you’re reading this on one right now – or it won’t be long till you check it again. A staggering 70% of internet traffic now comes from mobile devices. For any small business owners, rather than a distraction, the smartphone is now their secret...
As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: Leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing economy). Claiming deductions for personal expenses (e.g., home to work...
Spring is here, but the spring weather has not quite reached the Sapphire Coast with some very cold days in the past several weeks! As we get closer to the end of the year life can get pretty hectic and keeping track of your business can become a challenge. In this edition of Kothes Advantage...
Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts took effect from 1 July 2018. The Government’s plan has three steps: The Government will introduce the Low and Middle Income Tax Offset (in addition to the Low Income Tax Offset) from 1 July 2018,...
Kothes has a strong focus on supporting young people in our region pursue careers in accounting and business. Bega High School students Jessie Hart and Renee Cooper are studying hard for their Higher School Certificate, with both excelling in Business Studies. They have been awarded the Kothes Business Studies Award and we wish them all...