Square Up Consulting

The government tonight, in its budget, has effectively told every Australian — and even more so young Australians — to take their good ideas and start a business in a different country with more competitive CGT and business tax rates.

Singapore is a country with almost no natural resources, yet its economy is exceptionally strong. Its GDP is built on services, finance, trade, technology, manufacturing, logistics, education, and attracting global business — not on digging wealth out of the ground. Singapore’s real resource is brain power: people’s ideas, enterprise, discipline, capital, and a tax system that encourages ambition rather than punishing it.

Australia has tonight risked losing one of its best resources to places like Singapore: the ambition, ideas, innovation, and enterprise of its own people. No one with half a brain will start a business of innovation in this country, pay tax on profits and then give the government half of the gain in the business in tax.

Tax Reform for Easier, Faster, Better Tax Returns Labor will introduce a $1,000 instant tax deduction

Claiming Car Expenses

We recently investigated a taxpayer who claimed $3,800 for transporting bulky tools to and from work. He said there was no secure area to store them at his workplace… but when we talked to his employer, they told us that he had a company car and didn’t actually need to transport the equipment 🤔

Since the taxpayer didn’t incur any expenses and knowingly misrepresented his circumstances, we knocked back the claim and applied a penalty.

Read about more dodgy claims and get the low-down on car expenses at ato.gov.au/Media-centre/Media-releases/ATO-driven-to-scrutinise-car-claims-this-tax-time

$20k Instant Asset Write-Off not extended to 2025-26 tax year

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At the end of the day it is our licences in the line if don’t follow the law to the letter. The TPB are coming after agents and the ATO after non compliant tax payers. Good thing we keep everyone on the straight & narrow 🤓.

A tax agent has received a written caution and ordered to complete a course on the Tax Agent Services Act 2009 after we discovered they failed to ensure tax agent services were provided competently. In this case, the tax agent failed to ensure client tax returns were prepared and lodged accurately. This led to the Australian Taxation Office finding overclaimed and incorrect deductions. Find out what else happened: https://ow.ly/v32A50TBTV2