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• Car Expenses – a very popular deduction, but you’ve got to get it right Each year, the Tax Office reports that work-related expenses are the most common type of tax deduction claimed, and it also reports that one of the most popular work-related claims is for vehicle expenses. Vehicle expenses are a very regulated area for claiming deductions, so good guidance on making car expense claims is essential to... Read more » 5.03.2014 | Read more
• Private Health Insurance Rebate: FAQs By now, most people would know that the private health insurance rebate is being income tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your annual income, your age and the number of dependent children you have. Income thresholds aside, many people remain confused... Read more » 4.02.2014 | Read more
• How much do you need to establish an SMSF? Many are taking the plunge and establishing a self-managed superannuation fund (SMSF) these days – especially the younger demographic – but it is not a decision that should be taken lightly. Do you know what the optimum conditions are to set up an SMSF, how it compares to APRA-regulated funds and what the average account... Read more » 29.11.2013 | Read more
• Do you run a second-hand goods business? The ATO has issued a determination in relation to second-hand goods acquired for the purpose of sale in the ordinary course of business, GSTD 2013/2. The Determination provides how the GST Act will apply where second-hand goods are acquired by a business. It notes that: Second-hand goods are acquired for the purpose of sale in... Read more » 1.11.2013 | Read more
• Repeal of Minerals Resource Rent Tax (MRRT) and related measures: Exposure draft released The Federal Government has released an exposure draft of a bill and an explanatory memorandum addressing the repeal of the Minerals Resource Rent Tax (MRRT) (effective from 1 July 2014) and measures introduced by the previous government which were to be funded from the amounts raised by the MRRT. As elaborated upon below, the changes... Read more » 1.11.2013 | Read more
• Can you claim a deduction for home to work travel? Did you know that you may be entitled to claim some of the expenses you outlay while travelling between your home and your regular workplace, or even to your alternative workplace? While claiming such work travel tax deductions are certainly possible, such claims can be a minefield that needs to be navigated very carefully so... Read more » 7.10.2013 | Read more
• Combating “Dividend Washing” The Assistant Treasurer has announced a measure to combat “dividend washing”. Dividend washing occurs when a person sells shares ex-dividend and the person selling the shares retains the right to the dividend and the franking credits. Then the same person immediately buys equivalent cum-dividend shares (which include the right to an additional dividend and franking... Read more » 4.09.2013 | Read more
• Who and what is on the ATO’s radar this year? The ATO has small businesses, trusts, wealthy individuals and self-managed superannuation funds (SMSFs) firmly in its sights this year as it outlined which high-risk businesses and individuals it will focus on in its 2013-14 compliance crackdown. Below are the key scrutiny areas you should know about: Payment of superannuation guarantee (SG) CGT non-disclosure and under-reporting... Read more » 1.08.2013 | Read more
• Trustees: July 31 deadline for new beneficiaries to provide TFNs Closely held and family trust beneficiaries are reminded that they must quote their tax file numbers (TFNs) to trustees before July 31. Otherwise, the trustee is obliged to withhold tax at the top marginal rate, plus Medicare, from any payments distributed to you. A trustee failing to do so can also have penalties applied. In... Read more » 3.07.2013 | Read more
• Changes for the 2013 tax return The buzz generated by the Federal Budget may have come and gone, but it is important to remember that there are several changes to the tax laws that will affect your business’s 2012-13 income tax return, as well as have an impact on subsequent years. Increase to the compulsory superannuation guarantee rate from 9% to... Read more » 5.06.2013 | Read more