Monday 25th June 2018
Plus – small business tax tips for 2018
Be on the lookout for tax-related scams ahead of June 30, The Australian Taxation Office says. They mention two myGov scams making the rounds this month – one on email and one through text message, inviting you to click on a link to receive a tax refund. If you receive an email that claims to be from myGov and asks you to click on a link, they say, you can be sure it’s a scam. Delete it immediately.
The most common myth that leads to errors being made at tax time, the tax office says, is that people think they are entitled to automatic or standard tax deductions, according to this SMH report. They have some guidance here about what you might or might not be able to claim.
If you’re a business owner fretting over July 1, the ATO says they’re “committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time” and they’ve put together a short list of tax time tips to help you have a stress free July, via Smart Company. CPA Australia has also put together some tax tips to help small businesses.