2015 Summer Newsletter
Once again another year has flown by, and we find ourselves half way through the tax year. On the sporting front this year, Prince of Penzance beat the odds and saw Michelle Payne emerge as the first ever female Melbourne Cup winning jockey. The AFL Grand Final saw the Hawks once again victorious, this time…
Read MoreDecember – 2015 Practice Update
December – 2015 Practice Update covers following points Reminder of small business tax cuts ATO supporting small business to implement SuperStream ATO reviewing taxable payments annual reports Guidance regarding the payment of death benefits ATO’s Visa Data Matching Program Click here for – December – 2015 Practice Update
Read MoreNovember – 2015 Practice Update
November – 2015 Practice Update covers following points Immediate deductibility of capital start-up expenses Data matching program – on eBay online sales New multi-agency approach to fight serious financial crimes ATO and United States IRS share bank information Small Business Protections from unfair contract terms ATO moves on cafés & restaurants The ATO and its…
Read MoreTax Tips for the Small Business Owner
Operating & running your own business can be very rewarding. It is always good to have a basic understanding of the compliance requirements set by the ATO. However, with rules constantly changing, it can be difficult to keep up and safely determine the claims that can be made within your industry benchmarks. Listed below are…
Read MoreOctober – 2015 Practice Update
October – 2015 Practice Update covers following points GST on all (taxable) online transactions from 1 July 2017 NZ changes to GST imports to affect our exporters Holiday rentals under the microscope Credit and debit cards data-matching program Taxpayers can apply to the ATO for a market value ruling Pay GST instalments quarterly and report…
Read MoreSeptember – 2015 Practice Update
September – 2015 Practice Update covers following points ATO’s apps and other online tools The ATO’s new approach to dispute resolution ATO data matching program – visa holders New guidance from ATO regarding GST for Uber (and similar) drivers Registering an SMSF for an ABN Click here for – September – 2015 Practice Update
Read MoreAugust – 2015 Practice Update
August – 2015 Practice Update covers following points Data matching to be expanded on individual returns Three more tax changes for small business Reasonable Overtime Meal Allowance Amounts – 2015/16 Builders and contractors annual payment report Change to the way taxpayers claim work-related car expense deductions 81 year-old WA pensioner loses $110,000 in tax scam Tax…
Read MoreJuly – 2015 Practice Update
July – 2015 Practice Update covers following points Government moves to get Single Touch Payroll right SuperStream date extended for medium to large employers ATO increases focus on rental property deductions ATO is using SMS messages to try and clear debt ATO warns over-claiming is easier to detect than ever Depreciation for farmers brought forward…
Read More2014/15 Tax Return Checklist
2014/15 Individual Tax Return Checklist Common work-related claims made by individuals Depreciable plant, etc, costing $300 or less Clothing expenses Self education expenses Other work-related expenses 2014/15 Year-end Checklist for Business Maximising deductions for non-SBE taxpayers Prepayment strategies – non-SBE Accelerating expenditure – non-SBE Accrued expenditure – non-SBE Maximising deductions for SBE taxpayers Accelerating expenditure –…
Read MoreJune – 2015 Practice Update
June – 2015 Practice Update covers following points ATO warns about aggressive phone scams Holiday homes that taxpayers rent out Early access to super for people with terminal illness Consider buying house in spouses name if used partly for business The sharing economy Tax help for people affected by severe weather in NSW ATO’s new appeals…
Read MoreLow interest rates effect on investors
With the move by the Reserve Bank to cut the cash rate to 2.00% earlier this month, bank interest rates are at historic lows. In the recent years of interest rate drops the property market has experienced significant growth in capital cities. Despite the more affordable borrowing rates, consumers are faced with the struggle of…
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