Hornsby Tax Accountant

Nine out of ten rental property owners are getting their tax returns wrong. This is according to the Australian Taxation Office (ATO) which has issued a warning to landlords to take care when submitting their tax returns.

According to the ATO, around 87% of landlords use a tax agent, so it is important you provide your agent with accurate and up-to-date information.

The ATO has reminded landlords that rental income must be included in the year the tenant pays, not the year the agent handed the money over.

In good news for businesses, inflation is continuing to decline – and, in some cases, prices are actually going backwards.

 The annual inflation rate fell to 4.9% in July, compared to 5.4% in June and 8.4% in December (see graph), according to the Australian Bureau of Statistics. That means prices throughout the economy as a whole are continuing to increase, but at a decreasing rate.

The federal government will undertake a review of competition policy settings to help build a more dynamic and productive economy.

The review will look at competition laws, policies and institutions, with a focus on reforms that would increase productivity, reduce the cost of living and boost wages. It will also consider non-compete and related clauses that restrict workers from shifting jobs.

Australia's small business ombudsman has now helped more than 40,000 small businesses seeking assistance with a dispute.

 The most common disputes facing small businesses include being paid and resolving problems with digital platform providers.

 The ombudsman can help businesses resolve disputes with other businesses or government agencies, thereby avoiding costly court cases.

 Of the 40,510 cases the ombudsman has handled in the past seven years, 69% have been resolved "quickly" by providing businesses with information to resolve their concerns.

Businesses that use contractors may need to report these payments and lodge a Taxable payments annual report (TPAR).

 If your business is in that camp, don’t forget the TPAR annual deadline is August 28.

 Australian Taxation Office (ATO) assistant commissioner Tony Goding said "not reporting payments to contractors and deliberately under-reporting income" may raise suspicions with the ATO.

This continues to be a tough labour market for businesses, as confirmed by the latest data from the Australian Bureau of Statistics.

The unemployment rate is at historically low levels, despite increasing from 3.5% in June to 3.7% in July. That alone suggests there’s little slack in the labour market.