If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of tax. The October Issue also reviews various rental property claims that continue to be misunderstood, we look at the Tax Office efforts to match credit card data with declared income, and spell out the more common traps that SMSF trustees can still fall into. Further reading can reveal a handy tip about claiming a portion of professional association membership costs, even after retirement.
There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income and spell out the top tax mistakes that small businesses keep making. For more information on these topics click here to read the October Newsletter.