Posts by Tracy James
Ten Deductions Employees Should Never Have Claimed
Adult industry workers claiming breast implants. Employees claiming cigarettes for stress relief at work. Driving instructors claiming speeding.
Read More9 Unusual Work Deductions
Adult industry workers can claim costumes, lingerie, fetish equipment, and adult novelties – if used solely for income earning purposes.
Read MoreAbolish the Breastfeeding Tax
With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. The breastfeeding tax is the 10% GST that applies to breastfeeding aids. The breastfeeding aids include breast pumps, nipple shields and supplemental nursing systems. Although the ATO only collects $2 million…
Read MoreGovernment Targets $50 Billion Black Economy
The Government’s objective is to create a level playing field which enables the lowering of taxes, and fair treatment for all businesses.
Read MoreBlack Economy Grows 100%
Since 2012 Australia’s black economy has grown 100% to $50 billion per year. This dwarfs the growth in Australia’s legal economy over that period of 20%.
Read MoreTampon Tax Abolished on January 1, 2019
Eighteen years after its introduction, the 10% tax on tampons and pads was removed after states and territories agreed to make sanitary products GST exempt.
Read MoreAccountants Fail as Business Advisors
The majority of business clients get no business advice from their accountant.
Read MoreAccountants Obsessed with Themselves
With the explosion of social media over the last decade, accountants (like a large percentage of the population), have become obsessed with themselves. A quick look at a typical accountant’s website, shows it is all about the accountant. How wonderful they are, how smart, how they have certain qualifications, their often boring and lack lustre…
Read MoreBusiness Profitability a Dismal 3.8%
Australia’s 2.2 million businesses produce an average return on shareholders’ funds after tax of only 3.8%.
Read More5% of Tax Practitioners are Breaking the Law
The Tax Practitioners Board (TPB) 2017/18 annual report highlights that only 95% of practitioners are compliant with all aspects of the law.
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