From 28 December 2012, the failure to lodge on time penalty has increased by 55%, from $110 per penalty unit to $170 per unit.
Where an employee's duties of employment are inherently itinerant in nature, is their journey between home and a work location in their employer's car a 'business journey' as defined in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) if they transport a family member during part of the journey? We have a look at a recent ATO Interpretative Decision

Book launch - 101 ways to save money on your tax

Do you detest paying tax, but like receiving a tax refund cheque in the mail? Are you getting all you're entitled to? You could be letting the government keep hundreds, even thousands, of your hard-earned dollars each year - and you wouldn't even know about it!
The $1 million spent on this week’s Tax Forum would have been better put to rewarding those who dob in a tax cheat according to Mr Taxman.
Last week the Tax Commissioner Michael D'Ascenzo launched ‘100 People,’ an innovative online presentation that represents all the individual taxpayers in Australia as though they were one hundred people.
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comments-rhsLatest Comments

  • "In the Business Income schedule. Note the losses can only be offset against normal income if you satisfy one of the non-commercial loss tests."

    By: Mr Taxman at Aug 12, 2020 4:39AM

    Post: Foreign currency trading

  • "By trade size"

    By: Mr Taxman at Aug 12, 2020 4:37AM

    Post: Foreign currency trading

  • "Mr Taxman, In regards to the Non Commercial Losses, when determinin gthe 20k rule is that based on your Profit/Loss for the year combined or is it actually turnover from the size of your trades eg..."

    By: Greg Croot at Aug 10, 2020 12:52PM

    Post: Foreign currency trading

  • "Hello Taxman! I invested in BTCUSD trading using MT4 trading platform using a broker in HongKong. I am a Australian resident for tax purposes. I used to trade only 2-3 times a month. I made profilts..."

    By: Santosh at Aug 09, 2020 4:05AM

    Post: Foreign currency trading

  • "Hi Mrtax I’m a sole trader with an ABN, I work for myself as a Nanny. Would my home be considered my place of Business/work, where I then travel to my clients home to care for the..."

    By: Jessica at Aug 07, 2020 11:41PM

    Post: Claiming car expenses